Gold Soars on Weak Jobs Report, Hits $4,400 Threshold

Gold prices surged to $4,401.40 per ounce on Friday, marking a 2.37% gain as investors reacted to a weaker-than-expected US jobs report.

The July nonfarm payrolls data showed a net loss of 23,000 jobs, far below the 80,000 additions economists had forecasted.

This miss sent shockwaves through financial markets, with swap markets reassessing Federal Reserve policy and now assigning over 70% odds to a quarter-point cut by the third quarter.

The combination of lower interest rates and geopolitical tensions has created an ideal environment for gold to shine, with the metal clearing the psychological $4,300 threshold and logging a weekly gain of over 7% - its strongest such stretch in recent memory.