Gold hits $4,295, highest since June, on weak payrolls data

Gold climbed to its highest level since late June on August 5, 2026, touching $4,295 per ounce and settling around $4,268 on August 6. Gold futures traded at $4,329 per ounce. The precious metal’s fourth consecutive winning session brought it near a seven-week high, as headwinds from the conflict began to ease.

Private-sector hiring slowed considerably in July, with most job gains concentrated in healthcare, payroll processor ADP reported on August 5. The soft data lowered the odds of a Federal Reserve interest rate hike in September, offering relief to non-yielding bullion.

A weaker dollar also supported gold. Joint U.S.-Japan currency intervention saw Tokyo sell nearly $60 billion in Treasuries to prop up the yen, while American yen purchases were funded by euro sales. The dollar index held near six-week lows around 99.78. During the conflict, gold has moved inversely with both oil and the dollar.

Iran indicated on August 5 that a deal with Oman to reopen the Strait of Hormuz is close to being agreed, further easing Middle East tensions and boosting risk assets.

Despite the recent bounce, gold remains over 20% below its late January peak of $5,589 per ounce, reflecting a tough six months after a rally that extended through 2025.