Gold hits seven-week high as weak U.S. jobs data dents rate hike bets
GLD•Other precious metals also gain
On the geopolitical front, U.S. President Donald Trump told reporters that he believed the war with Iran would be over soon.
Among other metals, spot silver XAG= gained 4.5% to $64.26 per ounce, platinum XPT= firmed 1.4% to $1,753.09, and palladium XPD= rose 0.4% to $1,375.75. All three metals were headed for weekly gains.
UBS raises longer-term gold outlook
UBS expects gold prices to climb to $5,000 per ounce in the first half of 2027, it said in a note on Friday.
Gold surges on softer U.S. payrolls data
Gold surged on Friday, hitting its highest in seven weeks, after an unexpected drop in U.S. non-farm payrolls for July dashed rate-hike hopes and set bullion on course for its best week in seven months.
Spot gold XAU= jumped 2.6% to $4,348.87 per ounce by 09:09 a.m. EDT (1308 GMT), having surged over 3% to its highest since June 17. Bullion is set to post its largest weekly rise since January 19, with prices gaining over 7% so far this week.
U.S. gold futures GCcv1 climbed 2.5% to $4,408.00.
Payrolls miss sharpens doubts about a September rate hike
Nonfarm payrolls decreased by 23,000 jobs last month after a downwardly revised 20,000 increase in June, the Labor Department's Bureau of Labor Statistics said. Economists polled by Reuters had forecast payrolls rising 80,000 last month.
"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.
