Gold prices spiked last Thursday (May 6) and continued rising Friday after the release of a weak U.S. jobs report. The metal finished the week at $1,831.30 per ounce, its highest close in almost three months. The U.S. economy created 266,000 jobs in April. This was a huge disappointment, as Dow Jones and Wall Street Journal economists had forecast 1 million new jobs. Jason Teed, co-portfolio manager of The Gold Bullion Strategy Fund (QGLDX) and Flexible Plan Investments’ director of research, told MarketWatch that the jobs data “helped to feed ‘some expectations that the [Federal Reserve] will continue to keep interest rates low for the time being. … This would make [gold] relatively more attractive to investors than bonds.’” President Biden responded to the report by saying that his economic program was designed to help “over the course of a year—not 60 days.” The economy looks like it may struggle more than anticipated to recover from the COVID-19 pandemic, which could keep the U.S. dollar low and support higher gold prices. Rick Andrews is president of Avant Capital Management.