Gold steadied after its biggest weekly gain since January, trading near $4,345 an ounce and up over 7% last week. Traders responded to a surprise contraction in the US jobs market, which eased concerns about further interest‑rate hikes. Data released Friday showed US employers cut jobs in July, and hiring in the prior two months was revised lower, indicating a weaker labor market than previously thought.

The rally reflects renewed demand for safe‑haven assets as investors weigh the impact of softer employment figures on inflation pressures. Analysts note that a sustained dip in job growth could keep bullion above $4,300 and support further gains. Looking ahead, market participants will watch upcoming inflation releases and Fed speeches for clues on monetary policy.

The combination of a robust weekly gain of 7% and the latest employment weakness underscores the complex dynamics driving gold prices.