Back to today’s briefing

Story perspectives

Gold Surges Past $4,400 as Jobs Miss Forecast

8/10/2026

40 9 Full Breakdown

Summary

Story summary

US gold rose above $4,400 per ounce after July payrolls fell sharply.
July payrolls fell by 23,000 jobs, far below the roughly 80,000 jobs forecast.
Rate-futures price a 45 % chance of a September Fed hike, down from 57 %.
Spot gold gained more than 7 % this week, its biggest weekly rise since January 19.
ETFs attracted $3 billion of inflows in July while China’s central bank added 640,000 ounces.

History

Historical Context

On August 15 1971 President Richard Nixon announced the “Nixon Shock,” suspending dollar-gold convertibility and effectively ending the Bretton Woods system. The move forced the Federal Reserve to cut rates and prompted the December 1971 Smithsonian Agreement, which re-pegged the dollar at $38 per ounce—a 7.9 % devaluation. The 1971 episode showed how abrupt monetary policy can spark rapid gold price gains, a pattern echoed in today’s inflows.

1 of 2

Story summary

US gold rose above $4,400 per ounce after July payrolls fell sharply.
July payrolls fell by 23,000 jobs, far below the roughly 80,000 jobs forecast.
Rate-futures price a 45 % chance of a September Fed hike, down from 57 %.
Spot gold gained more than 7 % this week, its biggest weekly rise since January 19.
ETFs attracted $3 billion of inflows in July while China’s central bank added 640,000 ounces.

1 / 2