Gold Surges 8% as Weak US Jobs Report Trims Rate Hike Bets
The US Nonfarm Payrolls (NFP) report for July showed a decline of 23,000 jobs, falling short of the expected 80,000 growth. This unexpected drop in employment has sparked a shift in monetary policy expectations, with market participants now pricing in a 55.9% chance that the Federal Reserve will leave interest rates unchanged in September.
Gold prices surged by over 8% to $4,350, marking its best week since January. The precious metal's gain is largely attributed to the weak US NFP report, which has trimmed rate hike bets.
Bitcoin also reclaimed support above $65,000 as crypto market sentiment improved, with risk appetite increasing marginally but remaining in the Fear territory at 29 on the Fear & Greed Index. The technical analysis suggests that buyers still retain control of Bitcoin, although upside momentum appears measured rather than impulsive.