Gold Surges to Six-Month High Amid Weaker Payrolls and Hormuz Deal Hopes

Gold prices surged to their highest level since late June as weaker-than-expected payrolls data and hopes for a Hormuz deal lifted the precious metal.

The spot gold price rose as high as $4,295 per ounce before paring gains to settle around $4,268 per ounce on Thursday. Gold futures were last seen trading at $4,329 per ounce.

The ADP report showed hiring at private companies slowed considerably in July, with most of the job growth coming from healthcare and payrolls processing firms.

This weaker-than-expected data reduces the likelihood of a Fed interest rate hike in September, which would provide some relief for non-yielding gold.