Gold Surges to Seven-Week High as US Dollar Weakens Ahead of NFP

Gold prices have surged to their highest level in nearly seven weeks, reaching $4,232 as the US Dollar weakens and Treasury yields fail to gain traction.

The yellow metal has cleared its 50-day Simple Moving Average (SMA) at $4,161 and is now trading above $4,200. The US Dollar Index (DXY) is down 0.12% at 99.76.

Economists expect a non-farm payrolls figure of 80K on Friday, while the July ADP Employment Change report showed a weaker-than-anticipated drop from 98K to 44K.