Gold’s Rally Is Starting to Look Bigger Than a One-Day Trade 🥇
Gold just posted its strongest weekly performance since January, jumping more than 7% as weak U.S. employment data reduced expectations for another Federal Reserve rate hike. Lower Treasury yields and a softer dollar added fuel to the move, pushing spot gold to around $4,336 an ounce on Friday.
$XAUT
The jobs report was the key trigger. U.S. payrolls unexpectedly fell by 23,000 in July, compared with economists’ forecast for an 80,000 increase. Markets responded by sharply reducing the odds of a September rate hike, making non-yielding assets like gold more attractive.
Gold's move also came alongside strength in other precious metals, with silver rising about 3% on Friday. Meanwhile, China’s central bank continues to build its reserves, extending its gold-buying streak to 21 consecutive months.
That combination gives bullion several tailwinds at once: softer labor data, lower-rate expectations, central-bank demand and geopolitical uncertainty. The big question now is whether buyers can keep the momentum going after such a powerful weekly jump. 📈
$XAU
Gold just posted its strongest weekly performance since January, jumping more than 7% as weak U.S. employment data reduced expectations for another Federal Reserve rate hike. Lower Treasury yields and a softer dollar added fuel to the move, pushing spot gold to around $4,336 an ounce on Friday.
$XAUT
The jobs report was the key trigger. U.S. payrolls unexpectedly fell by 23,000 in July, compared with economists’ forecast for an 80,000 increase. Markets responded by sharply reducing the odds of a September rate hike, making non-yielding assets like gold more attractive.
Gold's move also came alongside strength in other precious metals, with silver rising about 3% on Friday. Meanwhile, China’s central bank continues to build its reserves, extending its gold-buying streak to 21 consecutive months.
That combination gives bullion several tailwinds at once: softer labor data, lower-rate expectations, central-bank demand and geopolitical uncertainty. The big question now is whether buyers can keep the momentum going after such a powerful weekly jump. 📈
$XAU