Finance

Gold prices surged to a multi-week high, closing out their strongest weekly performance since mid-January. The commodity was buoyed by a weakening U.S. dollar and cooling labor market data that reshaped interest rate expectations. Analysts note that ongoing inflationary concerns stemming from geopolitical tensions continue to keep a solid floor under the yellow metal.

Bitcoin and Ethereum traded higher following the soft July nonfarm payrolls report, maintaining key support levels. Despite positive momentum from major cryptocurrencies, the broader digital asset market has shown isolated pockets of weakness, with capital contracting from stablecoins like Tether. Market participants are increasingly rotating funds toward large-cap assets for perceived safety over smaller altcoins.

Crude oil futures experienced upward pressure as market participants monitored complex negotiations regarding the Strait of Hormuz. Supply concerns intensified following potential legislative measures from Tehran that could restrict hostile vessel transits through the vital trade corridor. Despite broader macroeconomic signals, Brent crude and West Texas Intermediate both gained ground to log notable price increases.