Gold Soars to $4,485 as Jobs Report Shocks Markets
Gold prices surged to a ten-week high of $4,485.80 on Wednesday, driven by a weakening jobs report and shifting Federal Reserve policy expectations.
The precious metal gained 1.32% in a single day, marking its strongest start to a trading week since January, after the US economy shed 23,000 positions in July, beating consensus forecasts.
The unexpected drop has led analysts to reevaluate the central bank's tightening path and sparked a rapid repricing of Fed policy expectations, which has in turn boosted gold's appeal as a safe-haven asset.
China's central bank continued its streak of monthly purchases, adding an estimated 640,000 ounces to its reserves in July, while Western investors rediscovered the metal, with gold-backed ETFs recording inflows for five straight trading sessions.