Gold is having a big day.

The precious metal gained nearly 2%, or about $US22 an ounce, to as high as $US1,188.30 on Wednesday. That’s the highest level in over three months.

This month, gold has rallied more than 5%, and is set for its best month since January according to Bloomberg.

Gold caught a strong bid after the weaker-than-expected September jobs report, as markets broadly went into “risk off” mode.

Here’s a chart showing the rally on Wednesday and this month:

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