Global gold holds above $4,300 as weak US jobs data cuts Fed rate-hike odds

According to Kitco News, the US Bureau of Labor Statistics said on Friday, August 7, 2026 (16 Mordad 1405), that the US economy unexpectedly lost 23,000 jobs in July, well short of forecasts for a roughly 85,000 gain. June's figure was revised down to 20,000 from 57,000, and May's to 63,000 from 129,000, though the unemployment rate unexpectedly fell to 4.1 percent from 4.2 percent. Global spot gold jumped about 3 percent immediately after the report, trading between $4,363 and $4,368 an ounce.

According to Trading Economics data, gold traded at $4,325.53 an ounce on Monday, August 10 (19 Mordad), down a slight 0.41 percent from the previous day, still above the $4,300 mark and equal to a gain of more than 7 percent for the week. Sahmino's own gold price feed recorded a similar move, at $4,324.65, as of 05:48 Tehran time on Monday. Per the CME FedWatch tool, odds of a quarter-point Federal Reserve rate hike in September jumped to around 50 percent right after the jobs report, and by Monday had eased further to about 44 percent, according to Trading Economics. Gold held its weekly gain even as oil prices climbed on continued uncertainty over reopening the Strait of Hormuz. Given the large weight of gold and coins in Iranian households' asset holdings, swings in US interest rates and the dollar directly affect domestic gold and coin prices as well.