Gold prices surge as US economic data signals cooling

Gold prices surged by more than six per cent to US$4550 (A$6910) following signs of a cooling American economy. The rally was triggered by July’s non-farm payrolls reporting a loss of 23,000 jobs, leading traders to reduce expectations for further interest rate hikes. Additionally, the US Treasury doubled its planned buybacks of long-dated debt to stabilize the bond market, contributing to a softening US dollar.

In Australia, federal debt has surpassed the one trillion-dollar mark. Meanwhile, the ASX healthcare index saw a significant weekly increase of 14 per cent. In the commodities sector, copper prices remained stable near US$6.50 per pound due to ongoing supply shortages. Genesis Resources was noted as a top performer on the ASX for the week.