Gold rose to 4,177 USD per troy ounce on Friday, having gained more than 2% in the previous session. The primary driver of the recovery was US labour market data, which came in weaker than expected, prompting investors to scale back expectations for further Federal Reserve interest rate hikes.

In June, the US economy added only 57,000 new jobs, falling well short of the 110,000 forecast – the weakest result in four months. The unemployment rate ticked up to 4.2%. Earlier in the week, the ADP report also pointed to slowing private-sector employment growth.