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

The gold price experienced its largest weekly gain in months, jumping 7.2% to $4,341/oz after remaining stagnant at around $4,000/oz for six weeks.

This surge was largely driven by weak US jobs data, which has reduced expectations of a September rate hike from the Federal Reserve.

The Fed's probability of hiking rates in September now stands at 44%, down from 81% previously, while October's chances have also decreased to 59% from 87%.