June Jobs Data Could Signal Turnaround for Gold

Weak US employment data for June, showing just 57,000 jobs added versus expectations of 114,000, may offer near-term support for gold. The metal rallied 2% above $4,100 an ounce, trading at $4,108 and ending its longest losing streak in eight years. Analysts noted the Fed is unlikely to hike rates by year-end, benefiting the precious metal. Philip Streible highlighted that the correction creates fresh entry points for investors, while David Morrison sees potential bottoming with support at $3,950-3,960. Lukman Otunuga said a close above $4,100 could open the way to $4,200, though Fawad Razaqzada warned of risks from a stronger dollar. Ole Hansen added that a break above $4,215 is needed for a bullish turn, with risks tied to oil prices and geopolitics. Markets now price a 25% chance of unchanged rates through the rest of the year.