S. nonfarm payrolls for July dashed rate-hike hopes and set bullion on course for its best week in seven months.

m. EDT (1457 GMT), having surged over 3% ‌to its highest ⁠since ⁠June 17.

Bullion is set to post its largest weekly rise since January 19, with prices gaining over 7% so far this week. S.

20. S.

labor department's Bureau of Labor Statistics said. Economists polled by Reuters had forecast an ⁠increase of 80,000 ‌jobs."

The weaker-than-expected jobs data presents a scenario where the Fed is going to be less likely to raise interest rates at ⁠its next meeting," said David Meger, director of metals trading at High Ridge Futures. S.

interest rate increase portends to a weaker dollar and stronger gold prices, Meger added. 9% chance of Fed tightening in September, compared with 57% before the jobs report, according to LSEG data.

2% just before the data release. Lower interest rates make gold more attractive relative to yield-bearing assets as ⁠bullion does not generate interest.

UBS expects gold prices to climb to $5,000 per ounce in the first half of 2027, it said in a note on Friday. S.

President Donald Trump told reporters that he believed the war with Iran would be over soon. 90.

All three metals were headed for weekly gains.