Gold hits seven-week high as weak US jobs data dents rate hike bets
GLD•Other precious metals also gain
Among other metals, spot silver XAG= gained 3% to $63.29 per ounce, platinum XPT= firmed 1.1% to $1,747.60, and palladium XPD= rose 0.8% to $1,381.61. All three metals were headed for weekly gains.
UBS sees gold reaching $5,000 by 2027
UBS expects gold prices to climb to $5,000 per ounce in the first half of 2027, it said in a note on Friday.
On the geopolitical front, U.S. President Donald Trump told reporters that he believed the war with Iran would be over soon.
Gold jumps after weak US payrolls data
Gold surged on Friday, hitting its highest in seven weeks, after an unexpected drop in U.S. nonfarm payrolls for July dashed rate-hike hopes and set bullion on course for its best week in seven months.
Spot gold XAU= jumped 2.3% to $4,336.02 per ounce by 2:42 p.m. EDT (1842 GMT), having risen more than 3% to its highest since June 17.
Bullion is set to post its largest weekly rise since January 19, with prices gaining more than 7% so far this week. U.S. gold futures GCcv1 climbed 2.3% to settle at $4,399.70.
Payrolls miss strengthens case for lower rates
Nonfarm payrolls in the United States decreased by 23,000 jobs last month after a downwardly revised 20,000 increase in June, the U.S. labor department's Bureau of Labor Statistics said. Economists polled by Reuters had forecast an increase of 80,000 jobs.
"The weaker-than-expected jobs data presents a scenario where the Fed is going to be less likely to raise interest rates at its next meeting," said David Meger, director of metals trading at High Ridge Futures.
