Global Gold Posts Biggest Weekly Gain in Seven Months on Weak US Jobs Data

Global spot gold rose 2.3 percent to $4,336.02 an ounce in Friday, August 7, 2026 trading, Bourse News reported citing Reuters, while US gold futures gained the same 2.3 percent to settle at $4,399.70; both hit their highest levels since early June and posted weekly gains of more than 7 percent. The rally followed a US Bureau of Labor Statistics report showing nonfarm payrolls fell by 23,000 in July, with June's figure revised down to a decline of 20,000, far below economists' Reuters poll forecast of 80,000 job growth. David Meger, director of metals trading at High Ridge Futures, said the weaker than expected jobs data reduces the odds of a Federal Reserve rate hike. According to LSEG data, the probability the Fed holds rates steady at its September meeting rose to 56.1 percent from 43.2 percent before the report. UBS forecast gold would reach $5,000 an ounce in the first half of 2027. Silver rose 3 percent to $63.29 an ounce, platinum gained 1.1 percent to $1,747.60, and palladium rose 0.8 percent to $1,381.61, with all three metals posting weekly gains.