Futures & Commodities | Gold | Gold Price Report: Gold gains 1% as poor US data ignites growth worries
3 minutes - Source: CNBC Gold bars on display in Tokyo on September 27, 2010. Yoshikazu Tsuno | AFP | Getty Images Gold jumped more than 1% to its highest in a week on Thursday as weak U.S. data deepened concerns over economic growth and bolstered bets for further interest rate cuts by the Federal Reserve. Spot gold was up 0.5% at $1,507.43 per ounce. Earlier, prices had hit their highest since Sept. 25 at $1,518.50. U.S. gold futures rose 0.4% to $1,513.30. U.S. services sector growth slowed to its most anaemic pace in three years last month, and job growth in the largest segment of the economy was the weakest in half a decade, a survey of purchasing managers showed. “We continue to see a string of weak economic data that exacerbate concerns about economic growth. On the back of that, we are seeing safe haven demand return significantly in products like gold,” said David Meger, director of metals trading at High Ridge Futures. “Th