Gold Surges as ETF Buying and Softer US Jobs Data Lift Prices

Gold  |  2026-08-11 03:43:44   |   By

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.

SEATTLE (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, closing at the highest weekly level since early June.

The jump in gold prices was led 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. Chinese investors added nearly 6 tonnes to gold ETFs during the first week of August, while the People’s Bank of China reported a 20-tonne gold purchase in July- the largest purchase in almost three years.

Meanwhile, global equity markets advanced during the week, while oil prices eased. Also, U.S. Treasury yields and the US dollar edged lower.

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. Meanwhile, the initial support is seen at $4,224 an ounce. 

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