Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTMatthew BoldenFri, July 3, 2026 at 6:15 PM GMT+2 5 min readHappy Friday, traders. Welcome to our weekly market wrap, where we take a look back at these last five trading days with a focus on the market news, economic data, and headlines that had the most impact on gold prices and other key correlated assets—and may continue to in the future.So, what kind of week has it been?Here's what you need to know:Gold's recent slide toward $4,000/oz was arrested on Thursday morning, allowing spot prices to retrace steadily higher into Friday and target a weekly close just below $4,200.The week's main pressure point remained the market's adjustment to a more hawkish Federal Reserve, with futures bets pricing in a growing risk that the Fed's next move could be a rate hike.The turn came from softer labor-market data, including a weaker-than-expected ADP report on Wednesday and a Thursday NFP print of just 57,000 jobs, which pressured the Dollar and Treasury yields while lifting gold.Next week's calendar looks lighter, but Wednesday's June FOMC meeting minutes may help traders judge how committed Fed officials were to the more hawkish rate path that surprised markets.So, What Kind of a Week Has It Been?For the first time in a number of weeks, there is a positive tint to the near- or medium-term outlook for gold after the yellow metal's recent collapse toward $4,000/oz was arrested on Thursday morning, and prices spent the following 24 hours retracing steadily higher. As of Friday morning—with equity markets closed for the US holiday, but commodities trading live in the morning—gold spot has recovered to target a weekly close just below $4,200, flipping what once looked like a loss of -1% on the week into a theoretical gain of nearly +2%.A Hawkish Fed Keeps Pressure on GoldAs the week began, gold continued to be dragged lower as the market continued to price in the reality of the Federal Reserve having struck a much more hawkish tone than anticipated in June at Kevin Warsh's first FOMC meeting as Fed Chair. After the quarterly updated Staff Economics Projections indicated that a growing number of Fed officials anticipated a rate hike before the end of 2026, even as the US-Iran war that has constrained global economies for months appeared to be winding down, some Fed Futures bets implied as high as a 90% likelihood of the next move being a hike. Accordingly, the US Dollar has continued strengthening. Under the weight of competing with the Dollar as a safe-haven investment, along with being a non-yielding asset facing down expectations for higher market yields in the medium term, gold prices had been sliding since mid-June and consistently breaking below expected technical support levels in an approach to the major fundamental level of $4,000/oz. At the start of this week, there did appear to be signs of the precious metal consolidating a bit, but only just above $4,050.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info