Gold climbs to seven-week high on weak payrolls and Hormuz optimism
TL;DR Summary
Gold rose to seven-week highs as softer July ADP payrolls reduced the likelihood of a September Fed rate hike, while talks of reopening the Strait of Hormuz and a weaker dollar supported prices. Spot gold traded around $4,268 per ounce after peaking near $4,295, with futures near $4,329, leaving gold roughly 20% below its January peak.
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