Gold’s Historic Weekly Surge Has Only Seven Parallels in 40 Years - SPDR Gold Shares (ARCA:GLD)

Gold is heading for one of the largest weekly gains in four decades.

Spot gold – as tracked by the SPDR Gold Shares (NYSE:GLD) – traded at $4,370 an ounce at midday Friday, up 8% on the week and nearly 3% on the session, fueled by a weaker-than-expected U.S. jobs report which trimmed rate-hike bets.

Only seven weeks since 1986 have produced a gain of this scale.

Why Cheaper Oil And Fewer Jobs Repriced Gold Hopes of a United States deal with Iran to reopen the Strait of Hormuz sent energy prices lower, and the United States Oil Fund LP (NYSE:USO) fell 8.6% over the five sessions.

Equities rose, with both the S&P 500 and the Dow Jones reaching record highs.