# Gold hits seven-week high as weak US jobs data dents rate hike bets 2026-08-07T20:54:10+00:00 | Business & Economy | Indian Opinion Desk Corroboration: 1 independent outlet Gold surged to $4,336.02 per ounce on Friday, its highest in seven weeks, after US nonfarm payrolls unexpectedly fell by 23,000 jobs in July, far below the 80,000 forecast. The data slashed the probability of a September rate hike from 57% to 43.9%, according to LSEG data, making bullion more attractive. The rally was the strongest since January, with gold gaining over 7% for the week. MCX gold traded around Rs 1,31,850 per 10 grams. The Jobs report also added to a backdrop of a weakening dollar and falling Treasury yields, with diplomatic signals from the West Asia contributing to the safe-haven demand. Spot silver rose 3% to $63.29 per ounce, and platinum and palladium also posted weekly gains. ## Coverage - livemint.com - thehindubusinessline.com Tags: Federal Reserve, gold, interest rates, precious metals, US economy Canonical: https://indianopinion.org/gold-reaches-seven-week-high-after-weak-us-jobs-data/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/gold-reaches-seven-week-high-after-weak-us-jobs-data/#story-in-brief Review state: restored archive article, accurate at time of publication, not offered to search indexes.