Gold is eyeing its best week since March after the jobs report disappoints

Gold was headed for its best weekly gain in nine months on Friday after the jobs report showed hiring slowed in November, renewing expectations for the Federal Reserve to pursue a slower rate path next year.

Spot prices of the yellow metal climbed 1% at 2:15 p.m. ET to around $1,250 per ounce, the highest since July. Meanwhile, the greenback fell against a basket of peers.

"Dollar is down and gold is up slightly – both expected reactions to more dovish expectations for 2019," said Chris Gaffney, president of World Markets. "Jobs data was slightly weaker than expected, alleviating some of the investor anxiety over the future of interest rates."

The Labor Department said early Thursday the economy added 155,000 jobs in November, well below expectations of 198,000, and the unemployment rate held near historic lows at 3.7%. Wages grew at a slightly slower-than-expected pace, rising 0.2% for a second month.

Gaining about 2% this week, gold prices are on track for the best seven-day stretch since March, according to Reuters.

Gold prices was down 0.5% over the past year.

Now Read:

'It ends next year': What Wall Street's biggest firms are forecasting for the stock market in 2019, and where they say you should put your money

A top cannabis CEO talks about what's next following a $300 million merger, and says he's playing 'Risk' while his competitors are playing 'Monopoly'

NOW WATCH: The true story behind the name 'Black Friday' is much darker than you may have thought

See Also:

• 19 crazy facts about Bill Gates' $127 million mansion
• Jobs report misses estimates as unemployment holds at 49-year low
• Venezuela really, really wants its $550 million of gold back. And it's coming to the Bank of England to get it.

SEE ALSO: Jobs report misses estimates as unemployment holds at 49-year low