Gold Soars on Surprise US Jobs Loss

Gold prices surged to their highest level in seven weeks after the US jobs report revealed a significant miss. The country lost 23,000 jobs in July, contradicting economists' predictions of a gain of 80,000.

The unexpected decline pushed spot gold up 2.3% to $4,336.02 per ounce and futures to $4,399.70. This marks the largest weekly increase for gold since January.

Investors now believe that the Federal Reserve is less likely to raise interest rates soon, with odds dropping from 57% to 43.9%. Lower interest rates make gold more attractive compared to yield-bearing assets, as bullion does not generate interest.