Gold Defies September Hike Odds, Eyes $4,600 Target Amid Payrolls Uncertainty

Gold prices rose 1.1% to $4,285.89 an ounce on Thursday, reaching a seven-week high and marking its strongest weekly gain since January.

The rally comes despite markets pricing a 55% probability of a September Fed rate hike, with the CME FedWatch Tool indicating this expectation.

StoneX senior analyst Matt Simpson forecasts gold to reach $4,600, implying about 7% upside from current prices, as long as the metal holds above the $4,000 support level.

The key catalyst for next week's Fed expectations and gold prices will be the July payrolls report, which is expected to show 80,000 new US jobs and a 4.2% unemployment rate.