Gold Surges to Seven-Week High on Weak Jobs Data

Gold prices have climbed to their highest level in seven weeks after weaker-than-expected US private payroll data and optimism over a potential reopening of the Strait of Hormuz. The metal briefly touched $4,295 per ounce before easing to around $4,268, while gold futures traded near $4,329 per ounce.

The rally follows an ADP report showing slower private-sector hiring in July, which reduces expectations that the Federal Reserve will raise interest rates in September. Lower rate expectations typically support non-yielding assets such as gold.

A weaker US dollar also contributed to the metal's gains after reported U.S.-Japan currency intervention weighed on the greenback.