Forex
Gold Soars Past $4,400 After Weak US Jobs Report
The gold price surged to $4,401.40 per ounce on Friday after a weak US jobs report sent shockwaves through the market.
The July nonfarm payrolls print showed a net loss of 23,000 jobs, far below the expected 80,000 additions, forcing traders to reevaluate their bets on Federal Reserve policy.
With swap markets now assigning better than 70 percent odds to a quarter-point cut by the third quarter, gold received a significant boost. The metal cleared the psychological $4,300 threshold and posted a weekly gain of just over 7 percent, its strongest such stretch in recent memory.
The move also carried geopolitical undertones, with escalating tensions in the Middle East reinforcing gold's status as a safe-haven asset.