Gold Advances 1.4% on Friday as U.S. June Jobs Data Misses Forecasts

Gold advanced 1.4% on Friday, July 3, and appeared set for a 2.3% weekly gain after weaker-than-expected U.S. jobs data raised doubts about further Federal Reserve rate increases, according to Nigel Green, CEO of Devere Group.

The U.S. economy generated only 57,000 jobs in June, significantly below forecasts, casting doubt on economic strength and reinforcing expectations that markets may have overestimated the Fed's commitment to sustained high rates. Green noted that investors had widely anticipated persistently high interest rates and steady economic resilience, but "the risk now is that this entire framework begins to unravel."