Comex Gold Ends the Week 0.81% Higher at $4112.70

Comex gold finished the week higher on Thursday, with front-month July futures settling at $4,112.70, up 0.81% for the week. The move extended a three-session rally that traders tied to weaker U.S. labor data and a softer market view of near-term Federal Reserve tightening.

The weekly gain, equal to $33.20, was the largest since the week ending May 29, according to WSJ market-data reporting. Gold was up 2.25% over the last three sessions as investors responded to a weak June jobs report and comments interpreted as less hawkish on rates.

Jobs data shifted expectations

The immediate catalyst was a U.S. June employment report that showed 57,000 jobs added, well below expectations. WSJ reporting said gold rose 1.4% right after the release as traders adjusted to the weaker macro backdrop.

Lower-than-expected payroll growth can reduce pressure for further rate hikes, and that tends to support non-yielding assets such as gold. The report also reinforced a broader lower-for-longer rate narrative that has helped bullion hold near the $4,000 to $4,100 range.

Dollar and silver moved with gold

The macro backdrop was not limited to gold. Silver futures also advanced, rising 2.40% for the week to $60.643 and ending a seven-week losing streak, while the WSJ dollar index fell 0.47% on July 2.

A weaker dollar can make dollar-denominated commodities more attractive to buyers outside the United States, adding another layer of support for precious metals. Base metals were mixed to lower in related market reporting, underscoring that the latest move was driven more by rates and currency expectations than by a broad commodity rally.

What traders are watching next

For now, traders are watching whether gold can stay above the $4,100 level in the next sessions. The market is also looking for any further Federal Reserve commentary that could either confirm or weaken the current dovish interpretation.

The next U.S. labor and inflation releases will likely be the main tests for whether the latest bullion rally extends or fades.