Gold Prices Soar on Weak Payrolls Data and Hormuz Deal Hopes

Gold prices have reached their highest level since late June amid weaker-than-expected payrolls data and hopes for a reopening of the Strait of Hormuz.

The precious metal rose as high as $4,295 per ounce before paring gains to settle around $4,268 per ounce on Thursday, entering its fourth consecutive winning session and hovering near a seven-week high.

A weaker ADP report reduced the likelihood of a Fed interest rate hike in September, which would provide some relief for non-yielding gold.