Gold Futures Soar Above $4,400/oz After Disappointing US Jobs Report

The US economy's disappointing jobs report for July sent gold futures soaring above $4,400 per ounce. The Bureau of Labor Statistics reported a loss of 23,000 nonfarm payroll jobs, far short of the expected gain of 80,000.

This is the second consecutive month of effectively zero or negative job creation, shifting the narrative from a 'soft landing' to concerns about whether the economy is actually landing at all.

The data behind the surge shows that the warning signs were already flashing before Friday's report. The ADP private-sector payrolls number released a day earlier showed only 44,000 jobs added in July against expectations in the 68,000 to 75,000 range.

Gold had already been trading in a wide band throughout early August, oscillating between roughly $4,067 and $4,359 per ounce as markets digested mixed economic signals. The jobs report collapsed that range to the upside, with futures pushing through $4,400.