1031 GMT – Gold futures rise on U.S. economic concerns and a weaker U.S. dollar. Futures are up 0.3% at $3,409.30 a troy ounce. The precious metal has gained on weak U.S. labor data released Friday, SP Angel analysts say in a note. Gold has held onto gains after surging on a surprise July Nonfarm Payroll data miss and a series of major downward revisions to May and June’s numbers, SP Angel says. Traders have ramped up Federal Reserve interest-rate cut expectations on the numbers, with U.S. Treasury yields slumping in response, analysts write. Lower interest rates typically benefit non-interest bearing bullion. At the same time, a weaker U.S. dollar makes it cheaper for international purchasers to buy dollar-denominated bullion and weakens competition with gold’s own safe-haven characteristics. (joseph.hoppe@wsj.com)

Gold Futures Rise, Defending Gains Made on Weak U.S. Jobs Data

0747 GMT – Gold futures rise, holding higher levels after surging Friday on weak U.S. jobs data and trade tariffs. Futures are up 0.2% at $3,407.0 a troy ounce. The precious metal posted its biggest gain in two months on Friday after the release of U.S. nonfarm payroll data. The release showed employment data for July was far short of market expectations and greatly revised down previously reported employment numbers for May and June. The slowdown in U.S. job growth has boosted expectations of interest-rate cuts, a boon for noninterest bearing bullion, MUFG analysts say in a note. Gold should be well-supported in the near term as traders increasingly price in rate cuts and hunt for safe-haven assets amid rising economic uncertainty, analysts say. (joseph.hoppe@wsj.com)