The US jobs report for July 2024 showed weaker-than-expected hiring and a rise in unemployment, suggesting a cooling labor market. This data has strengthened expectations for the Federal Reserve to cut interest rates soon, causing Treasury yields and the dollar to fall. As a result, gold prices surged, approaching the all-time high set last month. The precious metal’s appeal as a non-interest-bearing asset typically increases when interest rates are expected to decline, explaining its strong performance in response to the jobs data.