Gold hits highest since January

Gold capped a strong week with its biggest gain since January, rising over 7% during the week supported by a weakening dollar, declining US Treasury yields, and fading expectations of interest rate hikes by the Federal Reserve. The increase followed a weak US employment report, which showed the economy lost 23,000 jobs in July instead of the expected 80,000 new jobs, boosting gold's appeal as a safe haven. Spot gold prices rose to around $4,336 per ounce, and gold-backed investment funds continued to see inflows of $3 billion in July. Additionally, China’s gold reserves increased for the fifth consecutive month as part of its efforts to diversify assets and reduce dependence on the dollar. Analysts forecast the price of gold could reach $5,000 per ounce by 2027, despite ongoing short-term volatility.

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