Gold Surges on Soft Jobs Data but Struggles Toward $4,500

Gold posted its strongest weekly gain since January, climbing nearly $300 to $4,344 an ounce after soft US labor data showed a loss of 23,000 jobs in July against forecasts for an 85,000 increase, with prior months revised lower.

Markets cut the odds of a September Fed rate hike to 42%. Analyst Waleed Said said the figures help gold but pose a major challenge for the central bank amid high inflation, while Roukaya Ibrahim urged patience after the rapid advance.

Next week’s CPI, PPI and retail sales releases will test momentum. Strategists Alex Kuptsikevich, Fawad Razaqzada and Nicky Shiels caution against chasing the move, citing inflation risks and the Fed’s tightening bias that could cap gains near $4,500.