Gold rising above $950 an ounce

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Gold rising above $950 an ounce for the first time in two months, as the dollar lost more ground against other currencies.

The precious metal has moved steadily higher in recent weeks amid weakness in the dollar. Prices are up 6.7 percent for the month. Gold benefits from a falling dollar because investors use the yellow metal as a hedge against inflation and a weak currency.

Stocks sold off sharply on disappointing jobs data, which touched off fresh worries about the economy. The Dow Jones industrials plunged nearly 190 points in afternoon trading, while broader market indexes lost more than 2.3 percent.

The steep selloff in stocks spurred some safe-haven buying of gold
Gold for June delivery jumped $13.80 to settle at $951.20 an ounce on the New York Mercantile Exchange. The last time the precious metal closed above $950 an ounce was March 23.