Gold prices pushed higher on weak employment data and renewed investor concerns about a “double dip” recession in the U.S.

The jobless rate, obtained in a separate survey, rose to 9.1% in May from 9.0% in April.

Gold futures spiked to a high of $1,546.30 a troy ounce on the report, as investors rushed to purchase the metal to guard against a second recession in the U.S. following quickly on the heels of last year’s spurt of economic activity.

Gold is considered a store of value amid economic uncertainty and a hedge against financial risks, with investor appetite often growing stronger as economic sentiment sours.

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