Gold at 7-week peak

Gold prices rose to a seven-week high after an unexpected drop in U.S. nonfarm payrolls in July reduced the likelihood of an interest rate hike, putting the precious metal on track to post its best weekly performance in seven months. Spot gold prices rose 2.6% to $4,348.87 per ounce, marking a gain of more than 3% to their highest level since June 17.