On August 7, 2026, gold prices continued to break through significant levels, nearing $4,300 per ounce. This upward trend is anticipated to lead to the strongest weekly gain since the start of the year, driven by a decline in oil prices and investor anticipation of U.S. employment data.

As of 2 PM local time, spot gold rose by 1.35% to $4,298.47 per ounce, while December futures contracts increased by 1.27% to $4,354.40 per ounce. The current momentum has pushed gold prices close to a seven-week high, reflecting a weekly increase of approximately 6%, the most substantial since early 2026.

This surge follows several weeks of trading around the support level of $4,000 per ounce. The market's focus is now on the upcoming Non-Farm Payroll (NFP) report from the U.S., expected to be released soon. This report is considered crucial as it could significantly influence the Federal Reserve's interest rate expectations in the coming months. According to the CME FedWatch tool, there is currently a 55% probability that the Fed will raise interest rates in September.

In related energy markets, oil prices have shown some recovery in the final trading session of the week but are still trending towards a weekly decline. Specifically, October Brent crude rose by 1.29% to $83.55 per barrel, while September WTI increased by 0.97% to $78.04 per barrel. The lower average oil prices compared to earlier in the week continue to ease inflationary pressures, which in turn supports the positive movement in gold markets.

Other precious metals also experienced gains, with silver prices rising by 3.43% to $63.62 per ounce, testing highs not seen in nearly two months. Platinum prices increased by 1.59% to $1,756.77 per ounce, and palladium rose by 0.65% to $1,385 per ounce, indicating a return of investor interest in precious metals.