Gold rises amid US recession fears

Gold prices rose on Monday, supported by concerns that the United States is heading towards an economic recession and growing bets that the Federal Reserve may be forced to adopt a sharp monetary easing policy.

By 05:19 GMT, the safe-haven metal was up 0.14% at $2,446.83 an ounce, after falling 1% earlier in the session.

US gold futures rose 0.8% to $2,488.50, according to Reuters.

Data released on Friday showed that US jobs growth in July fell short of expectations and the unemployment rate rose to 4.3%, pointing to potential weakness in the labor market and increasing the risk of recession.