Gold Soars on Weaker Dollar and Slowing US Job Growth

Gold prices surged 4.73 per cent on a weekly basis due to a weaker US dollar and lower-than-expected US labour data, which reduced the odds of further US Federal Reserve tightening.

The US employment report showed an unexpected loss of 23,000 jobs in July, compared to forecasts for an increase of about 80,000. This softer labour picture trimmed market expectations for a September Fed rate hike from roughly 58 per cent to about 44 per cent.

Treasury yields fell in response, with the benchmark 10-year yield easing to around 4.60 per cent from an intraday high of 4.68 per cent, creating a supportive backdrop for precious metals.