Gold Surges on Disappointing Jobs Report, GLDM Trades Below Record

Gold prices surged this month after a disappointing jobs report, and the SPDR Gold MiniShares Trust (NYSEARCA:GLDM) followed suit. GLDM is currently trading below its record high set earlier in 2026, which changes the investment calculus for those considering an allocation today.

The catalyst for gold's rise was the July payrolls print released on August 7, which showed a decline in total nonfarm payrolls to 158.86 million from 158.88 million in June. The unemployment rate ticked up to 4.1% from 4.2%, but the headline miss was enough to pull forward expectations of rate cuts.

The chain of events runs through real yields, which fell as traders priced in more Fed cuts. When nominal Treasury yields fall and inflation expectations hold, real yields fall with them. Gold's opportunity cost is its real yield, which has decreased due to lower real yields.