Gold Climbs To Seven-Week High On Weak Jobs Data

Spot gold briefly touched $4,295 per ounce before easing to around $4,268, while gold futures traded near $4,329 per ounce

, and TIPP Staff

August 6, 2026 . 7:45 AM

2 min read

Gold prices climbed to their highest level since late June on Wednesday, supported by weaker-than-expected U.S. private payroll data and optimism over a possible reopening of the Strait of Hormuz. Spot gold briefly touched $4,295 per ounce before easing to around $4,268, while gold futures traded near $4,329 per ounce.

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According to the report, gold has now posted its fourth consecutive daily gain. The rally followed an ADP report showing slower private-sector hiring in July, reducing expectations that the Federal Reserve will raise interest rates in September. Lower rate expectations typically support non-yielding assets such as gold.

The report also said a weaker U.S. dollar contributed to the metal's gains after reported U.S.-Japan currency intervention weighed on the greenback.

Meanwhile, hopes of easing tensions in the Middle East increased after Iran indicated an agreement with Oman to reopen the Strait of Hormuz was close. Despite the recent rebound, gold remains more than 20% below its January record high.

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💵 Gold hits record highs as weak dollar and Middle East truce hopes drive surge

Gold prices just had their fastest single-day jump in six months, hitting $4,247 an ounce — and climbing to $4,302 in early Thursday trading, a six-week high.

Former Central Bank of Turkiye analyst… pic.twitter.com/9Je3QnjsPd
— Sputnik (@SputnikInt) August 6, 2026