Gold stabilized around $4,336 to $4,350 per ounce after climbing more than 7% for the week ending August 8, its strongest weekly performance in nearly seven months. This rally was driven by a US jobs report showing an unexpected contraction of roughly 23,000 jobs in July, challenging expectations for further interest rate hikes by the Federal Reserve. Current prices sit approximately 22% below the record above $5,600 per ounce hit earlier in 2026, leading some traders to view the current level as a potential entry point rather than a signal to take profits.
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