Gold Price Surges 7.2% on Weak US Jobs Data, Rate Hike Odds Plummet

The gold price has surged by 7.2% to reach US$4,341/oz, its largest weekly gain since the third week of January 2026.

This sudden increase comes after a six-week period where the metal remained dormant just above the US$4,000/oz mark.

The main driver behind this price jump appears to be weak US jobs data, which has reduced expectations for upcoming U.S. interest rate increases.

In fact, the probabilities for a September 2026 rate hike have plunged to 44% from 81%, and for October 2026 to 59% from 87%

The gold price had become a bit of a coiled spring after its recent decline of -24.8% from its peak on January 28, 2026 at US$5,302/oz to the lows of US$3,986/oz on July 16, 2026.