Gold Soars to Seven-Week High as US Payrolls Surprise with 23,000 Decline

Gold prices surged to a seven-week high on Friday after the US reported an unexpected drop in July payrolls. The Labor Department announced that nonfarm payrolls declined by 23,000 against expectations of an 80,000 increase.

The move sent gold futures above $4,400 per ounce, marking its highest level since June 5 and gaining over 10% in the past month.

The US dollar weakened after the payroll figures, falling toward 99.49, while Treasury yields also declined, with the two-year yield dropping more than five basis points during the session.