[Events] Gold Jumps 7% — New High or Pullback This Week?
Gold is back in the spotlight.After surging more than 7% last week, gold posted its strongest weekly gain since January. U.S. gold futures have also reclaimed the $4,400 level, while spot gold is trading around $4,340. $XAU/USD(XAUUSD.FOREX)$ $Gold - main 2612(GCmain)$
The rally accelerated after a surprisingly weak U.S. jobs report cooled expectations for another Federal Reserve rate hike. A softer rate outlook pushed Treasury yields and the U.S. dollar lower, giving gold another boost.
What to watch ？
The U.S. will release July CPI on Wednesday, August 12, followed by PPI on Thursday, August 13. Both reports could quickly reset expectations for the Fed — and determine whether gold’s rebound has more room to run.
A softer inflation print could ease rate-hike fears further and potentially help gold challenge recent highs. Hotter-than-expected inflation, however, could revive concerns about higher rates and trigger profit-taking after last week’s sharp rally. Reuters notes that markets have already cut the implied probability of a September Fed rate hike to around 44%.
Gold still has longer-term support from central-bank demand and safe-haven buying, but after such a fast rebound, this week’s inflation data could decide the next move.
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⏰ Event Duration
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From 10 August 2026 to 14 August 2026. $XAU/USD(XAUUSD.FOREX)$ $SPDR Gold ETF(GLD)$ $VanEck Gold Miners ETF(GDX)$ $Direxion Daily Gold Miners Index Bull 2X Shares(NUGT)$
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