Bullion gained more than 2% last week, snapping a four-week losing streak, after softer-than-expected US payrolls data eased worries about persistent inflation and higher interest rates.
Gold retreated after touching its highest level in two weeks on Monday as the US dollar edged up from recent lows, though easing bets on Federal Reserve interest rate hikes limited bullion’s losses.
Spot gold was down 0.4 per cent at $4,160.33 per ounce, as of 0451 GMT, after hitting its highest since June 22 earlier in the day. US gold futures for August delivery climbed 1.1 per cent to $4,172 per ounce.
“Gold continues to face headwinds from a resilient US dollar,” said Tim Waterer, chief market analyst at KCM Trade.
“This week’s FOMC Meeting Minutes will be closely watched for clearer signals on the Fed’s monetary policy leanings. Investors will be looking for evidence of whether other committee members share Kevin Warsh’s hawkish outlook or if there is more dovish sentiment within the group.”
The dollar gained 0.1 per cent, making greenback-priced bullion more expensive for holders of other currencies.
Bullion gained more than 2 per cent last week, snapping a four-week losing streak, after softer-than-expected US payrolls data eased worries about persistent inflation and higher interest rates.
Data on Thursday showed US job growth slowed sharply in June and payroll gains for the prior two months were revised lower, pointing to a cooling labour market and prompting markets to dial back expectations for a near-term Fed rate hike.
Traders now see about a 55 per cent chance of a rate increase in September, down from more than 60 per cent before the data, according to the CME FedWatch tool.
Lower interest rates tend to be favourable to gold, as it is a non-yielding asset.
JP Morgan said demand for gold from key sectors would not be as strong as it had expected, capping bullion prices this year at $4,300 in the third quarter and $4,500 in the fourth quarter.
Among other metals, spot silver fell 1 per cent to $61.77 per ounce after hitting its highest since June 23 earlier. Platinum lost 0.3 per cent to $1,632.80 per ounce and palladium was down 0.5 per cent at $1,267.65 per ounce.
Published on July 6, 2026
