Gold Prices Rebound on Weak US Jobs Report

Spot gold posted its first weekly gain in early July 2026, rising roughly 2% to about $4,182 per ounce after a five‑week slump, while silver jumped nearly 7%. The rally was triggered by the June non‑farm payrolls report, which showed only 57,000 jobs versus a 110,000 forecast, prompting CME FedWatch to cut the probability of a September rate hike from 66% to 50% and weakening the U.S. dollar.

In India, retail gold prices were largely unchanged on July 14, with 24‑karat gold quoted around INR 1,42,900 per 10 g and 22‑karat gold near INR 1,30,990 per 10 g across major cities. Market analysts noted that recent volatility stemmed from Middle‑East tensions and expectations around Federal Reserve policy.

Commentators offered divergent outlooks: some forecast a further drop to $3,500–$4,300 per ounce, others see a bullish breakout toward $8,900 or higher. A German market note highlighted resistance near $4,214 per ounce. Together, these perspectives illustrate the mixed sentiment surrounding gold’s near‑term trajectory.