Gold jumps to $4,265 as investors await U.S. jobs data

August 07, 2026 (MLN): Gold edged higher on Friday and remained on course for its strongest weekly performance since January, buoyed by a pullback in oil prices, as markets held off for the release of closely watched U.S. nonfarm payrolls figures that could shape the path of interest rates.

Currently, spot gold is slightly up 0.3% to $4,265.57 an ounce as of [10:30 am] PST, according to data reported by Mettis Global.

U.S. President Donald Trump said he expected the conflict with Iran to wind down in the near term, while acknowledging that the military was running short on certain weapons supplies, according to Reuters.

Meanwhile, crude was on pace to close the week lower, a trend that tends to soften inflation worries and pare back bets on interest rates staying elevated for longer,  a dynamic that typically favours gold, given the metal's role as a hedge against inflation and its sensitivity to the yield it forgoes when rates stay high.

Market pricing now reflects a 55% probability of a U.S. rate hike next month, down from 63% just a week ago, the CME FedWatch Tool showed.

Elsewhere in precious metals, silver climbed 1.3% to $62.27 an ounce, platinum edged up 0.5% to $1,737.25, and palladium eased 0.2% to $1,368.37.

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