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Gold gains after jobs report and stock market drop

NEW YORK (AP) -- Gold rose the most in three weeks after U.S. employers added slightly fewer jobs than economists had forecast. Traders also bought gold as the stock market slumped.

The price of gold climbed $18.90, or 1.5 percent, to $1,303.50 an ounce on Friday, its biggest gain since March 12.

Gold has rebounded this year after plunging almost 30 percent last year as the dollar appreciated and the U.S. economy showed signs of strengthening without causing inflation. Traders buy gold to hedge against rising prices and a weak dollar.

Other metals also rose. Silver, platinum and palladium gained. Copper edged lower.

In trading of agricultural products, wheat and soybeans fell. Corn rose.

The price of oil rose 85 cents, or 0.8 percent, to $101.14 a barrel.

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