Gold Jumps on Weak US Jobs Data, Rate-Hike Hopes

Gold is a shiny metal that people like to buy when they are worried or when saving money gets less rewarding.

This week, the price of gold went up a lot—more than 8% in one week.

The big reason was a report that said fewer Americans had jobs last month than almost everyone expected.

That makes people think the central bank of the United States, called the Federal Reserve, will not make borrowing cost more.

Cheaper borrowing makes gold more attractive because gold doesn't pay interest like a bank account.

Another reason was news that Iran and Oman are close to an agreement to reopen the Strait of Hormuz.

That is a very important waterway where ships carry oil to the world.

If oil flows smoothly again, prices could stay calm, which also makes it less likely the Fed will raise rates.

So investors bought more gold, pushing its price to the highest level in seven weeks.

Experts say people should buy gold when the price dips a little, rather than at the very top.