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Or sign-in if you have an account.Spot gold advanced 1.3 per cent to US$4,176.94 an ounce as of 2:31 p.m. in New York. Photo by FADEL SENNA / AFP via Getty ImagesGold headed for its first weekly gain since May as traders dialed down their expectations of Federal Reserve rate hikes.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorBullion rose toward US$4,200 an ounce and was up 2.2 per cent for the week. Soft United States job numbers and lower energy prices have led investors to scale back bets on monetary policy tightening, which tends to be a headwind for non-yielding gold.U.S. hiring slowed sharply in June, data released Thursday showed, suggesting the labour market still faces challenges despite signs of strength in recent months. Swap traders are now pricing the likelihood of a quarter-point hike in the Federal Reserve’s next meeting at less than 20 per cent, down from a third earlier in the week.SUBSCRIBER EXCLUSIVE: FP West: Energy Insider brings you behind the oilpatch’s closed doors with exclusive insights from insiders every Wednesday morning.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of FP West: Energy Insider will soon be in your inbox.We encountered an issue signing you up. Please try againOil prices, a key driver of inflation at the beginning of the U.S.-Iran conflict, have seen their biggest quarterly slump since 2020 as tanker flows through the Strait of Hormuz recover. Saudi Arabia and the United Arab Emirates are already shipping crude out of the Persian Gulf at rates close to pre-war levels.“Lower energy prices and softer job growth suggest inflationary pressures are likely to ease in the months ahead,” Bart Melek, global head of commodity strategy at TD Securities, said in a note. The reduction in Fed hike expectations likely prompted traders to cover short-gold positions established earlier, along with reducing incentive to liquidate long positions, which likely explains gold’s rally over the past few days, he said.“We believe gold is likely to rally only toward resistance at US$4,280 an ounce,” Melek said, adding that TD doesn’t expect it to reach its target of US$5,300 until next year due to lingering inflationary pressures. Gold bars Photographer: Matt Jelonek/BloombergMeanwhile, President Donald Trump and his allies renewed a push to reshape the Fed after the Supreme Court this week blocked an effort to fire Governor Lisa Cook. Top officials and outside allies are actively exploring ways to remove members of the Fed’s Board of Governors in Washington to clear the way for more of the president’s own picks, according to people familiar with the matter.Repeated challenges to the Fed’s independence by the Trump administration helped supercharge bullion’s rally through the latter months of 2025, as part of the so-called debasement trade — a bet on inflation and swelling debt burdens in developed economies.Spot gold advanced 1.3 per cent to US$4,176.94 an ounce as of 2:31 p.m. in New York. Silver rose two per cent to US$62.42 an ounce, after gaining five per cent in the previous three sessions. Platinum and palladium also rallied. The Bloomberg Dollar Spot Index, a gauge of the U.S. currency, was flat after ending the previous session down 0.5 per cent. Most U.S. markets are closed for a public holiday.—With assistance from Preeti Soni and Sybilla Gross. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.