Gold Prices Stabilize Near $4,330 as Markets Await Inflation Data

Gold prices have stabilized near $4,329.99 per ounce on August 10 after a notable rally last week that pushed the metal to a seven-week high around $4,370.

The catalyst behind this surge was the U.S. July Non-Farm Payrolls (NFP) report released on August 7, which revealed an unexpected contraction in the U.S. job market.

This weaker-than-anticipated labor data eased investor concerns about further Federal Reserve interest rate hikes, making gold, a non-yielding asset, more attractive as a hedge against economic uncertainty.

Major banks remain bullish on gold's medium-term prospects, forecasting prices above $5,000 by year-end.