Gold has its best week since January on a jobs miss

US nonfarm payrolls fell by 23,000 in July, reversing a downwardly revised 20,000 gain in June, and spot gold jumped 2.3% to $4,336.11 an ounce on the release, hitting a seven-week high according to CNBC. The metal is up more than 7% on the week. The mechanism is simple: a weaker labour market lowers the odds the Fed needs to hike again, which drops real yields and the dollar, and gold's appeal rises precisely because it pays no yield to compete with. Kitco flagged the next resistance zone as tough going even after this breakout, so the rally now depends on whether upcoming inflation data confirms the slowdown or the Fed pushes back on rate-cut pricing.