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Gold surges after mixed US jobs data dims Fed rate hike bets

Gold climbed more than 7% for the week, while the dollar and 10-year Treasury yields fell, helping bullion trade near a fresh high for the month.

Reported · Written up by our desk · Precious Metals

Gold jumped on Friday after US jobs data came in mixed, lifting XAU/USD more than 2.3% on the day and over 7% across the week, according to FXStreet.

The Nonfarm Payrolls figure was softer than expected, while the unemployment rate held steady to slightly improve, pushing investors to recalibrate expectations for Federal Reserve rate action. FXStreet also noted the data weighed on Treasury yields and the US dollar, with the US 10-year yield down and the US Dollar Index lower.

At the time of writing, gold was trading around $4,340 after earlier hitting $4,371, the highest level since June 17. The market also shifted Fed expectations, with FX swaps data showing a lower probability of a September rate hike.

FXStreet added that traders were watching the upcoming July CPI release for clues on inflation, and referenced ongoing geopolitical developments around the Strait of Hormuz that have affected broader market sentiment, while WTI oil stayed near $78 per barrel.

Latest closeGold $4,292.00 ▲1.1%|WTI crude $78.07 ▲3.8%|Dollar index 99.98 ▲0.3%

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