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Gold jumps 4.4% to record $4,253 an ounce

8/13/2026

46 3 Full Breakdown

Summary

Story summary

Gold surged 4.4% on August 5 to $4,253 per ounce, its highest level since June 18.
July 2026 jobs fell by 23,000, cutting September Federal Reserve (Fed) rate-hike odds from about 57% to roughly 44%.
Oil dropped more than 5% on August 4 after progress reopening the Strait of Hormuz eased inflation concerns.
The World Gold Council reported July gold-ETF inflows of $3 billion, raising total holdings to 4,068 tonnes.

History

Historical Context

In October 1973 OAPEC, led by Saudi King Faisal, imposed an oil embargo that sent crude from $3 to $12 per barrel—a 300% jump confirmed by the 1973-74 price surge. The shock taught policymakers that supply cuts can spike commodities, prompting investors to hold gold; in August 2026 Gold Council reported $3 billion ETF inflows as oil fell 5% after Strait of Hormuz reopened.

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Story summary

Gold surged 4.4% on August 5 to $4,253 per ounce, its highest level since June 18.
July 2026 jobs fell by 23,000, cutting September Federal Reserve (Fed) rate-hike odds from about 57% to roughly 44%.
Oil dropped more than 5% on August 4 after progress reopening the Strait of Hormuz eased inflation concerns.
The World Gold Council reported July gold-ETF inflows of $3 billion, raising total holdings to 4,068 tonnes.

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