Gold Rises for 3rd Session

2026-07-03 13:52 By Joana Ferreira 1 min. read

Gold climbed to $4,170 per ounce on Friday, touching its highest level since June 23 and reporting a 2% weekly gain after 4 consecutive weeks of declines, as weak US jobs data reduced expectations for a near-term Federal Reserve interest rate hike.

US nonfarm payrolls increased by just 57,000 in June, the smallest rise in four months and far below the 110,000 forecast, prompting traders to lower their bets on a September rate hike.

According to the CME FedWatch tool, the probability of a hike dropped to 50%, down from 66% before the report.

Lower interest rates decrease the opportunity cost of holding non-yielding assets like gold.

Additionally, the US dollar was on track for its largest weekly decline since April, further supporting gold prices.

Central banks also contributed to demand, adding a net 41 metric tons of gold to reserves in May, per World Gold Council data.

In physical markets, Indian demand softened as prices rose, while Chinese buying interest saw a slight improvement.



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