Gold advanced for a third consecutive session after weaker US employment data reduced expectations of a Federal Reserve interest-rate increase, while easing oil prices and renewed concerns over the central bank’s independence added to the metal’s appeal.

Bullion climbed as much as 1.8% after posting its strongest daily gain in three weeks, with June jobs data indicating a sharp slowdown in hiring.

The figures prompted traders to cut bets on a July rate hike, with swap markets pricing an 18% probability compared with around 33% earlier in the week. Lower interest-rate expectations typically benefit gold, which does not pay interest.

The rally was also supported by declining oil prices, which have eased inflation concerns following increased tanker traffic through the Strait of Hormuz and progress in talks between the US and Iran. Analysts at TD Securities said softer economic data likely prompted investors to cover bearish positions in gold.

At the same time, uncertainty surrounding President Donald Trump’s efforts to reshape the Fed has continued to bolster demand for the precious metal as a perceived safe-haven asset.