Gold Surges as ETF Inflows and Weak US Jobs Data Boost Prices

Gold | 2026-08-11 12:14:23 | By Paul Ploumis

Gold has moved out of its July range. The World Gold Council sees the $ 4,493-per-ounce 200-day moving average as the next major technical hurdle, followed by resistance near $4,574, which, if broken, could signal a long-term uptrend in gold prices.

Summary

Gold posted its strongest weekly gain in more than six years, rising 7.7% in the week ended August 7, with the LBMA Gold Price PM closing around $4,336 an ounce.
Investor and central bank demand strengthened, with Chinese gold ETFs attracting nearly 6 tonnes of inflows and the People’s Bank of China adding 20 tonnes to its reserves in July.
Technical momentum turned positive, with the World Gold Council identifying $4,493 an ounce as the next major resistance level, followed by $4,574, while initial support stands at $4,224.

Gold Posts Strongest Weekly Rally in Six Years, Closes Near $4,336/oz

MONTREAL (Scrap Monster): Gold staged its strongest weekly rally in more than six years, with prices jumping 7.7% in the week ended August 7, according to the World Gold Council's latest Weekly Markets Monitor. The LBMA Gold Price PM ended the week at around $4,336 an ounce, its highest weekly close since early June.

What Readers Should Know

Gold's LBMA Price PM rose 7.7% in the week ended August 7 — its strongest weekly gain in over six years.
Prices closed near $4,336 per ounce, the highest weekly finish since early June.
The rally was driven by weaker US employment data, easing inflation concerns, and stronger investor demand.
Chinese ETF investors added nearly 6 tonnes of gold in the first week of August.
The People's Bank of China bought 20 tonnes of gold in July, its largest monthly purchase in almost three years.
Global equities advanced, oil eased, and both the US dollar and Treasury yields edged lower during the week.

Why Gold Prices Surged

The rally was driven by a combination of weaker US employment data, easing concerns over inflation, and stronger investor demand. Gold-backed exchange-traded funds (ETFs) recorded broader inflows, while futures positioning and options markets also shifted in a more positive direction.

Central Bank and ETF Buying Add Momentum

Chinese investors added nearly 6 tonnes to gold ETFs during the first week of August. Separately, the People's Bank of China reported a 20-tonne gold purchase in July — its largest monthly purchase in almost three years.

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Wider Market Moves

Global equity markets advanced during the week, while oil prices eased. US Treasury yields and the US dollar also edged lower.

What the Technical Levels Show

Gold has moved out of its July trading range. The World Gold Council sees the $4,493-per-ounce 200-day moving average as the next major technical hurdle, followed by resistance near $4,574, which, if broken, could signal a long-term uptrend in gold prices. Initial support is seen at $4,224 an ounce.

What Happens Next

Markets will now keep a close watch on US inflation data and signals from the US Federal Reserve about the future interest-rate path, the report said.