Shafaqna English- Gold prices advanced by more than 1% on Friday(7 Aug 2026), positioning the precious metal for its most substantial weekly gain since the start of the year. The upward momentum was largely supported by declining crude oil prices, which tend to buoy gold as a hedge against inflation and economic uncertainty.
At the same time, market participants were closely monitoring the upcoming U.S. nonfarm payrolls report, widely regarded as a critical indicator that could offer fresh insights into the Federal Reserve’s future monetary policy trajectory, particularly with regard to interest rates.
By 6:35 AM GMT, spot gold was trading at $4,285.89 per ounce, up 1.1% from the previous close. The metal had earlier touched a seven-week peak during Thursday’s session, setting the stage for a robust weekly performance. With a weekly gain of 6%, gold has posted one of its strongest rallies this year, as investors increasingly turned to the safe-haven asset amid easing oil prices and uncertainty surrounding the U.S. labor market report.