Gold Prices Soar 7.39% After Surprise Jobs Report

A single Friday morning jobs report release sent shockwaves through the gold market, sparking a 7.39% weekly surge to $4,401.40 per troy ounce.

The disappointing July US employment figures, which showed a loss of 23,000 nonfarm payrolls, triggered an immediate repricing of Federal Reserve policy.

Bullion prices rose as falling rate expectations reduced the opportunity cost of holding gold, while a weaker dollar added further fuel to the rally.

The surge in speculative net-long positions among futures traders underscores the increasingly bullish posture among investors.

Central banks and ETFs remain key demand drivers, with physical investment in bars and coins gaining traction and central banks collectively buying 288.9 tonnes of gold in the second quarter of 2026.