Gold Rises to 2-Month High

2026-08-07 13:27 By Andre Joaquim 1 min. read

Gold prices rose to above $4,350 per ounce on Friday, the highest in two months as lower energy prices and softening labor conditions limited expectations that the Federal Reserve would deliver a rate hike this year.

The US economy unexpectedly shed jobs in July while wages and the labor force participation rate fell, erasing any views that the strong labor market was inflationary.

On top of that, energy prices lost some of the traction from previous sessions despite lingering uncertainty of a deal between Iran and the US to restore exports through the Strait of Hormuz.

Treasury yields consequently eased, lifting bullion prices as markets faced lower opportunity costs to hold assets that bear no interest.

Elsewhere, data from clearing institutions indicated that institutional investors in China continued to increase long position on gold-backed assets for safety from volatility in tech stocks and recent signs of strength in the physical market, recently underpinned by central banks.



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