Gold Breaks Five-Month Range on Weaker US Jobs Data

Gold prices surged to their strongest weekly gain since January, closing at $4,340.45 per ounce after breaking above a five-month trading range.

The move followed weaker-than-expected US employment data, which showed a decline of 23,000 jobs in July compared to expectations of an increase.

This led to a reassessment of the outlook for US interest rates, reducing expectations that the Federal Reserve would need to maintain restrictive policy.

Lower bond yields and a softer US Dollar made gold more attractive as a store of value, and institutional attention returned to the market after several months of consolidation.