MacroAug 7, 2026, 1:08 PM

Gold futures surge above $4,400/oz after US jobs shock

Gold futures jumped above $4,400 per ounce, their highest since early June, following data showing the US economy unexpectedly shed 23,000 jobs in July. The metal has rallied more than 10% over the past month.

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Gold futures broke through the $4,400/oz mark, hitting the highest level since June 5th. The move came immediately after the US reported a surprise loss of 23,000 jobs in July, signaling a potential slowdown in the labor market.

Weak employment data fueled expectations that the Federal Reserve may need to ease monetary policy sooner, boosting demand for non-yielding assets like gold.

The precious metal has now gained over 10% in just the last month, extending a strong rally as economic uncertainty persists.

Source: The Kobeissi Letter

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