Wall Street and Main Street Turn Strongly Bullish as Gold Ends Week Nearly $300 Higher

Gold prices climbed nearly $300 this week amid repeated weak U.S. labor reports, lifting bullish sentiment among both Wall Street analysts and retail investors. The rally started Tuesday after job openings declined, surged past $4,200 Wednesday on ADP’s report of just 44,000 private-sector jobs versus 65,000 expected, and topped $4,300 Friday after the economy lost 23,000 positions against forecasts of an 85,000 gain.

“The US jobs report confirms a significantly weaker jobs market... The bottom is in for gold,” said Adrian Day. Analyst surveys showed 84% bullish while retail polls indicated 69% expecting higher prices, with markets now pricing out a September Fed rate hike.

Some experts caution the swift advance risks stalling near $4,500 resistance and upcoming inflation data that could limit further gains.