Gold prices stabilized near a two-week high on July 6, 2026, as a strengthening U. S.
dollar limited further gains driven by cooling labor market data that lowered Federal Reserve interest rate hike expectations.
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Spot gold fluctuated between $4,148.73 and $4,174.66 per ounce after hitting its highest level since June 22 earlier in the session.
U. S.
gold futures for August delivery rose between 0.8% and 1.5% to trade up to $4,186.70.
The marginal gains followed a weaker-than-expected U. S.
jobs report last week, which showed slowing payroll growth for June and downward revisions for previous months.
Traders lowered the probability of a September rate hike from over 60% to around 55%.
KCM Trade Chief Market Analyst Tim Waterer noted that while dialing back monetary tightening expectations relieves yield pressure, the greenback's 0.1% to 0.2% increase continues to cap the metal's upward movement.
"Gold has regained some poise as markets dial back rate-hike expectations.
While this provides relief on the yield front, the dollar's strength continues to act as a ceiling," Waterer said.
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Market participants are now turning their attention toward the minutes of the Federal Reserve's June 16–17 meeting, scheduled for release on Wednesday, to gather clearer insights into future monetary policy decisions.
Saxo Bank Analyst Ole Hansen stated that bullion entered a consolidation phase after breaking a four-week losing streak with a 2% weekly gain.
