commodities

Gold Holds $4,300 Breakout as Copper Nears Record Highs

Published August 10, 20262 min read

Stacks of copper ingots in the foreground with stacks of gold ingots on shelves and cargo ships at a port in the background. — Copper and gold stored in a portside warehouse, reflecting global commodity markets. Illustration: MarketIntelLabs

Gold is holding its breakout. Spot bullion traded $4,338 to $4,342 an ounce in Monday's Asian session, just above the $4,300 level it cleared last week on a 7% rally, the best weekly run since January. Friday's weak July jobs report (nonfarm payrolls at negative 23,000 against a plus 80,000 estimate, with May and June revised down a combined 103,000) is still doing the work.

Key Takeaways Gold spot held $4,338 to $4,342 an ounce Monday, defending the $4,300 breakout after a 7% weekly rally tied to Friday's weak July jobs print (nonfarm payrolls at negative 23,000 vs. an expected plus 80,000). GLD closed Friday at $398.47 (up 2.26%) and SLV at $57.50 (up 2.95%), while gold miners GDX and GDXJ…

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