Gold Rises Toward $4,200 As Fed Rate Fears Ease

India, July 3 -- Gold rose towards $4,200 an ounce on Friday and headed for its first weekly rise in five on easing Fed rate hike bets.

Spot gold jumped 1.3 percent to $4,177 an ounce while U.S. gold futures surged 1.6 percent to $4,189.84.

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The U.S. dollar was on track for its biggest weekly drop in nearly three months as soft U.S. jobs data spurred traders to pare rate hike bets.

Overnight data showed U.S. jobs growth slowed sharply in June, and the two prior months' data were revised lower, raising expectations that the Fed will hold rates this month and potentially in September.

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