Gold Surges on Jobs Report Miss, Rate Hike Expectations Reassessed

The July jobs report sent shockwaves through the market, missing estimates by a wide margin and landing at -23,000.

This significant miss has altered expectations for the Federal Reserve's tightening cycle, with many now pricing in only one more rate hike by year-end, down from two just last week.

Fed Governor Lisa Cook had previously signaled willingness to keep raising rates if inflation refuses to cool, but this payroll data undercuts that hawkish stance.