Spot Gold Up to $1,236.86

Gold prices rebounded on July 8, reversing a selloff on Friday that occurred after data was released showing U.S. employers added 195,000 jobs to nonfarm payrolls last month.

Spot gold increased by 0.8percent, or $9.87, to reach $1,234.50 an ounce. Comex gold futures for August delivery also increased, reaching $1,232.20 an ounce. This marks a $19.40, or 1.6 percent, increase.

“The move down (in gold) on Friday was pretty strong, so obviously you would expect some kind of rebound and if you look at currencies, the dollar is coming off earlier highs, so there is a bit of stabilization in gold after losses,” Credit Suisse analyst Karim Cherif  told Reuters.