{"id":26551,"date":"2026-08-07T20:49:25","date_gmt":"2026-08-07T15:49:25","guid":{"rendered":"https:\/\/pakjazbo.com\/?p=26551"},"modified":"2026-08-07T20:49:28","modified_gmt":"2026-08-07T15:49:28","slug":"gold-hits-seven-week-high","status":"publish","type":"post","link":"https:\/\/pakjazbo.com\/?p=26551","title":{"rendered":"Gold hits seven-week high"},"content":{"rendered":"\n

Gold rate surged on Friday, hitting its highest in seven \u200cweeks, 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.<\/strong><\/p>\n\n\n\n

Spot gold jumped 2.4% to $4,341.69 per ounce \u200bby 10:57 a.m. EDT (1457 GMT), having surged over 3% to its highest since \u200bJune 17.<\/p>\n\n\n\n

Bullion is set to post its largest weekly rise since \u2060January 19, with prices gaining over 7% so far this week. U.S. gold futures climbed \u200b2.4% to $4,402.20.<\/p>\n\n\n\n

Nonfarm payrolls in the United States decreased by 23,000 jobs last month after a downwardly revised \u200b20,000 increase in June, the U.S. labor department\u2019s Bureau of Labor Statistics said. Economists polled by Reuters had forecast an increase of 80,000 jobs.<\/p>\n\n\n\n

\u201cThe weaker-than-expected jobs data presents a scenario where the Fed is going to \u200bbe less likely to raise interest rates at its next meeting,\u201d said David Meger, \u200bdirector of metals trading at High Ridge Futures.<\/p>\n\n\n\n

Declining energy prices and a potentially reduced likelihood of U.S. interest rate \u200cincrease \u2060portends to a weaker dollar and stronger gold prices, Meger added.<\/p>\n\n\n\n

The rate futures market has now priced in just a 43.9% chance of Fed tightening in September, compared with 57% before the jobs report, according to LSEG data. The probability that the Fed \u200bwill hold rates next \u200bmonth rose to \u206056.1% versus 43.2% just before the data release.<\/p>\n\n\n\n

Lower interest rates make gold more attractive relative to yield-bearing assets as bullion does \u200bnot generate interest.<\/p>\n\n\n\n

UBS expects gold prices to climb to $5,000 per ounce \u200bin the \u2060first 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.<\/p>\n\n\n\n

Gold Rates Today in Pakistan<\/em><\/strong><\/h2>\n\n\n\n

Among \u2060other \u200bmetals, spot silver , gained 3.4% to $63.54 per ounce, platinum \u200bfirmed 1% to $1,745.87, and palladium rose 0.4% to $1,376.90. All three metals were headed for weekly gains.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gold rate surged on Friday, hitting its highest in seven \u200cweeks, 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 jumped 2.4% to $4,341.69 per ounce \u200bby 10:57 a.m. EDT (1457 GMT), having surged over 3% to […]<\/p>\n","protected":false},"author":1,"featured_media":26552,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pagelayer_contact_templates":[],"_pagelayer_content":"","inline_featured_image":false,"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"no","rop_publish_now_accounts":{"facebook_3859443944190656_798604363342440":""},"rop_publish_now_history":[{"account":"facebook_3859443944190656_798604363342440","service":"facebook","timestamp":1786117808,"status":"success"}],"rop_publish_now_status":"done","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[4],"tags":[],"class_list":["post-26551","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/pakjazbo.com\/index.php?rest_route=\/wp\/v2\/posts\/26551","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pakjazbo.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakjazbo.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakjazbo.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pakjazbo.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26551"}],"version-history":[{"count":1,"href":"https:\/\/pakjazbo.com\/index.php?rest_route=\/wp\/v2\/posts\/26551\/revisions"}],"predecessor-version":[{"id":26553,"href":"https:\/\/pakjazbo.com\/index.php?rest_route=\/wp\/v2\/posts\/26551\/revisions\/26553"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakjazbo.com\/index.php?rest_route=\/wp\/v2\/media\/26552"}],"wp:attachment":[{"href":"https:\/\/pakjazbo.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakjazbo.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakjazbo.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}