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Gold reaches seven-week peak amid weak US jobs data
Gold prices have risen significantly, reaching their highest level in seven weeks, supported by an unexpected decline in the US non-farm employment data for July. The spot trading showed an increase of 2.3% to $4,336.02 per ounce, while futures contracts rose to approximately $4,399.70, surpassing levels last seen on June 17. US employment decreased by 23,000 jobs in July, despite expectations of an 80,000 job increase. This led to a reduction in the likelihood of a US interest rate hike from 57% to 43.9%, with the chances of holding interest rates steady rising to 56.1%. Gold typically benefits from declining interest rates, while other metals like silver, platinum, and palladium also saw expected gains over the week.
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