Gold Holds Near $4,345 After Strongest Weekly Gain Since January
Bullion stabilized after surging over 7% last week, buoyed by a surprise drop in U.S. payrolls and reduced Fed rate-hike bets.
Gold prices steadied near $4,345 an ounce following a 7% surge last week — the strongest weekly performance since January. The rally was triggered by an unexpected contraction in U.S. employment and downward revisions to prior job figures, which cast doubt on the labor market’s strength.
The softer data cooled expectations for additional near-term Federal Reserve rate hikes, boosting the appeal of non-yielding assets like gold. The metal’s sharp move reflected a swift repricing of monetary-policy expectations as traders scaled back bets on tightening.
Bullion is now consolidating near the week’s highs as markets assess whether the jobs report marks a turning point for the economy and the Fed’s policy path.
Source: First Squawk