Gold Tops $4,400 on Weak U.S. Jobs, China Buying

Gold rose above $4,400 an ounce on Aug. 11, reaching a two-month high. Spot gold traded as high as roughly $4,434–$4,435 intraday before easing to about $4,378.50 by noon EDT and $4,382.43 by 1 p.m. EDT.

The price move followed the July U.S. employment report, which showed a loss of 23,000 jobs versus economists’ expectation of about 80,000 hires and included significant downward revisions to prior months. Traders reduced expectations for further near-term Federal Reserve rate increases, Treasury yields fell, and the rally pushed gold above its 100-day moving average after a summer correction that took prices near $3,966.

China’s central bank, the People’s Bank of China, added about 20 tonnes of gold in July, extending its monthly purchases to 21 consecutive months. Official Chinese reserves were about 76.08 million ounces at the end of July. Chinese gold exchange-traded funds recorded inflows during the same period.

Tensions between the United States and Iran near the Strait of Hormuz were present alongside the data. Oil prices rose about 5% on Aug. 11, and market participants linked the oil move to increased demand for safe-haven assets.

Economist Peter Schiff wrote on X that ‘Gold and silver rallied today, along with oil’s 5% rise,’ and added that ‘Gold is now above $4,400. Silver is approaching $66.’

Traders are watching upcoming U.S. consumer price index data, the $4,500 level and gold’s 200-day moving average to assess whether the recent gains hold. A softer CPI print could reduce bets on further Fed tightening, while a hotter reading could push yields and the dollar higher.