Gold Surges Past $4,400 on Weak US Jobs Report

The gold futures contract (GCZ6) surged by 2.33% to trade at $4,399 per ounce on August 7, 2026, as a weak US non-farm payrolls report led to diminished expectations of a hawkish Federal Reserve stance.

The US Bureau of Labour Statistics reported a contraction of 23,000 jobs in July, a sharp downside surprise compared to the consensus expectation of 80,000 new jobs.

This development reduced the implied market probability of a 25-basis-point interest rate increase from 54% to approximately 44%, with FedWatch probabilities now indicating a 56% likelihood that the Federal Reserve will maintain benchmark interest rates unchanged at the current level of 3.75% during its September meeting.

The US Dollar Index (DXY) depreciated by 0.36% to 99.60 points, while technical analysis suggests gold futures continue to maintain a robust long-term bullish trajectory.