Gold rises,recovers on safe haven bids.

Gold rose on Friday, rebounding from early losses after weaker-than-expected U.S. employment data pushed the stock market and many commodities sharply lower, raising the safe-havens bid for bullion.Spot Gold rose to $1,217.45 an ounce against $1,206.05 an ounce late in New York on Thursday.A slew of news in Europe, from confusion over the health of Hungary's finances to unsubstantiated talk of concern over Society General's derivatives business, contributed to fears that drove investors to seek safety in Gold.


Worries that Europe's sovereign debt troubles could spread flared again after a Hungarian official said the country was at risk of a Greek-style credit crisis. Those comments along with talk from France drove the euro to a four-year low against the dollar. Gold has benefited this year from nervousness in financial markets about the euro zone. Fears that sovereign debt problems could hurt the wider economy sent Gold in mid-May to an all-time high at $1,248.95 an ounce. The U.S. Labor Department said on Friday payrolls rose 431,000, buoyed by recruitment for the decennial census as the government hired 411,000 extra workers. That was the largest monthly increase since March 2000 and marked a fifth straight month of gains, but missed expectations of 513,000 jobs.