Gold held a gain after US jobs data missed expectations, easing concern that a strong economic rebound would stoke inflation and see a potential dial back in stimulus.

Bullion rose 1.1% Friday as a Labor Department report showed job growth picked up in May, though the 559,000 payrolls gain fell short of economists’ expectations. The jobless rate dropped to 5.8%, while the labor participation rate was little changed.

Investors were also assessing comments by Treasury Secretary Janet Yellen who said Sunday that President Joe Biden should push forward with his US$4 trillion ($5.3 trillion) spending plans even if they trigger inflation that persists into next year, adding a “slightly higher” interest rate environment would be a “plus.”

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