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Gold Hits Seven-Week High as Weak Jobs Data Dents Fed Bets

Ricardo Evangelista
August 10, 2026

Gold prices rose in early trading on Monday, extending last week’s positive momentum and reaching a seven-week high. Disappointing US labour market data reduced expectations that the Federal Reserve will raise interest rates before the end of the year, weakening the US dollar and supporting the precious metal. However, gold is encountering strong resistance at around $4,350 amid uncertainty surrounding the US–Iran conflict and the situation in the Strait of Hormuz. Until there is greater clarity, tensions in the Persian Gulf are likely to keep energy prices elevated and inflationary concerns alive, creating a headwind for bullion. Against this backdrop, traders may remain cautious ahead of Wednesday’s release of US inflation data for July. A headline reading below the market consensus of 3.4% could further reduce expectations of a Fed rate hike before the end of the year, weakening the US dollar and creating additional upside potential for gold. Conversely, higher-than-expected inflation would likely have the opposite effect, putting downward pressure on the precious metal.

 

Ricardo Evangelista, ActivTrades 

Gold Hits Seven-Week High as Weak Jobs Data Dents Fed Bets

Source: ActivTrader

 

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