Gold Price Seeks New Record Above $4,500

Gold's price has rebounded from its critical $4,000 support zone and entered this week with renewed bullish momentum. The precious metal climbed above $4,360 on Friday, reaching its highest level in seven weeks after U.S. employment data unexpectedly weakened.

The disappointing jobs report changed expectations surrounding Federal Reserve policy, leading to a greater possibility of a September rate move and a weaker U.S. dollar. This combination provided a significant boost to gold, which gained almost 10% during the week.

However, the recovery now faces a major test at $4,500. A sustained break above this level would provide stronger evidence that the broader trend has turned bullish, while failure to clear it could leave gold vulnerable to another pullback.