Investors let out a sigh of relief last Friday when US jobs data revealed only a small gain in employment across the country in April. The news gave the gold price a nice boost, and is expected to help keep the Federal Reserve's plans for a rate hike at bay.
On Wednesday, the yellow metal saw another jump when news hit that US retail sales for April were unmoved; they've now been either down or flat in four out of five months, and the news has reignited fears that the nation's economy has yet to recover. Specifically, spot gold hit a five-week high of $1,219.90 per ounce during the day and was trading up 1.92 percent, at $1,216.90, by 4:30 p.m. EST. Meanwhile, COMEX gold futures for June delivery rose 2.2 percent, to $1,218.20 — that's their highest level since April 6.