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NEW YORK: Gold prices rose over 1% on Thursday supported by a dip in the dollar and data showing US private payrolls rose less than expected last month.

Spot gold rose 1.2% to $1,868.41 per ounce by 1:46 p.m. ET (1746 GMT), having earlier risen to a one-week high. US gold futures also settled up 1.2%, at $1,871.4.

The dollar index was down 0.7%, slipping off a one-week high touched on Wednesday.

“(The job data) is really raising the recession concerns that have been brewing in the market and supporting gold,” said Ryan McKay, commodity strategist at TD Securities

ADP National Employment Report data showed private payrolls rose by 128,000 jobs last month versus forecast for an increase of 300,000 jobs.

While the Fed is trying to dampen demand for labour as it tries to tame soaring inflation, it needs to do so without pushing the unemployment rate too high.

Investors will now keep a close eye out on Friday’s nonfarm payrolls data.

“All the pieces of this morning are pointing towards continued inflation and possibly the Fed not been able to address it as aggressively as they hope due to weakening employment numbers,” RJO Futures senior market strategist Bob Haberkorn said.

Fed Vice Chair Lael Brainard on Thursday said she backs at least a couple more half-point interest rate hikes, with more on tap if price pressures fail to cool.

While bullion is considered a safe haven during times of political and economic uncertainty, higher interest rates increase the opportunity cost of holding gold, which bears no interest.

Spot silver rose 2.1% to $22.26 per ounce.

Platinum gained 2.7% to $1,023.69, rising to $1,030.9 earlier, its highest since last March.

Palladium was up 2.5% to $2,047.73, going as high as 5.5% to $2,107.15, its highest in two weeks.

Talks of progress in the chip market could get manufacturing back up in the automotive industry, said Philip Streible, chief market strategist at Blue Line Futures in Chicago.

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