Gold Climbs 2.14% to $4,175.70 as 57,000 June Jobs Slash September Hike Odds
Updated
Updated · FX Empire · Jul 6
Gold Climbs 2.14% to $4,175.70 as 57,000 June Jobs Slash September Hike Odds
3 articles · Updated · FX Empire · Jul 6
Summary
$4,175.70 spot gold closed the week up $87.31 after a weak June payrolls report reversed an early selloff and delivered bullion’s first weekly gain in about a month.
57,000 U.S. jobs were added in June versus expectations of 110,000 to 115,000, pushing CME FedWatch September rate-hike odds down to about 53% from near 65% and helping drive the dollar’s worst week since April.
$3,942.10 marked last week’s low, where gold bounced from a key retracement zone and formed a closing-price reversal bottom; a move above the 52-week average at $4,257.63 would confirm a counter-trend rally.
July 8 FOMC minutes are the next test for that rebound: any sign June policymakers already doubted further tightening could extend gains, while a firmly hawkish tone may leave gold consolidating near current levels.
Central-bank reserve buying has continued for months, giving gold an underlying floor that could amplify any further easing in rate expectations.