{"id":3367,"date":"2026-08-10T09:13:28","date_gmt":"2026-08-10T06:13:28","guid":{"rendered":"https:\/\/goldmansons.ee\/precious-metals-weekly-golds-best-week-since-january\/"},"modified":"2026-08-10T09:13:28","modified_gmt":"2026-08-10T06:13:28","slug":"precious-metals-weekly-golds-best-week-since-january","status":"publish","type":"post","link":"https:\/\/goldmansons.ee\/en\/precious-metals-weekly-golds-best-week-since-january\/","title":{"rendered":"Precious Metals Weekly: Gold&#8217;s Best Week Since January"},"content":{"rendered":"<p><strong>10 August 2026.<\/strong> Last week was one of the strongest of the year for precious metals. A run of weaker-than-expected US labour data pushed expectations for a Federal Reserve rate hike further out, the dollar and bond yields gave ground, and gold posted its best week since January. Below are the week&#8217;s five biggest stories with sources, plus what the current price levels mean for an Estonian investor.<\/p>\n<h2>The week&#8217;s main stories<\/h2>\n<ul>\n<li>\n<p><strong>July&#8217;s US jobs report surprised to the downside \u2014 gold gained almost $300 on the week.<\/strong> The US economy shed 23,000 jobs in July, against expectations of roughly 85,000 added; the unemployment rate stood at 4.1% and the private sector created just 44,000 positions versus the 65,000 forecast. On Friday, 7 August, gold traded at a spot price of $4,340.60 an ounce (+2.39%) and silver at $63.35 (+3.19%). Over the full week gold rose more than 7% \u2014 its largest weekly gain since January. <a href=\"https:\/\/www.kitco.com\/news\/article\/2026-08-07\/gold-silver-rally-weak-payrolls-cut-fed-hike-pressure-kitco-pm-report\" target=\"_blank\" rel=\"noopener\">Source: Kitco, 7 Aug 2026<\/a><\/p>\n<\/li>\n<li>\n<p><strong>Rate-hike expectations faded and yields fell.<\/strong> Following the weak report, the yield on the 10-year US Treasury slipped from 4.67% to 4.64%, and futures markets cut the implied probability of a September Fed hike from 54.7% to 44.0%. The Fed had held its benchmark rate at 3.50\u20133.75% in late July on a 9\u20133 vote. This matters for gold because lower real yields reduce the opportunity cost of holding an asset that pays no interest. <a href=\"https:\/\/www.kitco.com\/news\/off-the-wire\/2026-08-07\/gold-set-best-week-january-inflation-fears-ebb\" target=\"_blank\" rel=\"noopener\">Source: Kitco \/ Reuters, 7 Aug 2026<\/a><\/p>\n<\/li>\n<li>\n<p><strong>Hopes of a Middle East deal pushed oil down \u2014 and this time that helped gold.<\/strong> Markets tracked negotiations to reopen the Strait of Hormuz, and Brent crude fell 5.7% to $83.77 a barrel. De-escalation normally saps safe-haven demand, but the effect ran the other way here: cheaper oil cooled inflation expectations, which in turn dialled back the case for a rate hike. It is a useful reminder that geopolitics rarely moves gold directly \u2014 it moves it through interest-rate and inflation expectations. <a href=\"https:\/\/www.kitco.com\/news\/off-the-wire\/2026-08-06\/sp-dow-futures-steady-mideast-deal-focus-chip-software-stocks-tumble\" target=\"_blank\" rel=\"noopener\">Source: Kitco \/ Reuters, 6 Aug 2026<\/a><\/p>\n<\/li>\n<li>\n<p><strong>Money flowed back into gold ETFs \u2014 and Europe drove it.<\/strong> According to the World Gold Council, global gold-backed ETFs took in $3 billion in July, ending two consecutive months of outflows. European funds accounted for $2 billion of that (the UK $875 million, Switzerland $657 million). Holdings rose by 23 tonnes to 4,068 tonnes and assets under management climbed 1% to $530 billion; year-to-date inflows now stand at $11 billion. For European investors, this signals that June&#8217;s sell-off has largely been reversed. <a href=\"https:\/\/www.gold.org\/goldhub\/research\/gold-etfs-holdings-and-flows\/2026\/08\" target=\"_blank\" rel=\"noopener\">Source: World Gold Council, 6 Aug 2026<\/a><\/p>\n<\/li>\n<li>\n<p><strong>Gold mining shares had a breakout week.<\/strong> The mining sector moved far more sharply than the metal itself: the VanEck Gold Miners ETF gained 21.09% on the week, Agnico Eagle 22.92%, Newmont 20.55% and Barrick 19.22%. Miners&#8217; earnings respond to gold price moves with leverage, which is why these shares swing harder than the metal in both directions \u2014 a distinct risk profile, not a substitute for physical gold. <a href=\"https:\/\/www.mining.com\/gold-miners-surge-more-than-20-in-breakout-week\/\" target=\"_blank\" rel=\"noopener\">Source: Mining.com, 7 Aug 2026<\/a><\/p>\n<\/li>\n<li>\n<p><strong>Survey sentiment is firmly bullish \u2014 but an inflation print is coming.<\/strong> In Kitco&#8217;s weekly survey, 16 of 19 analysts (84%) expected gold to keep rising, while 68.9% of the 241 retail investors polled were bullish. This week will show whether the weak-labour-market narrative holds: US consumer price data lands on Tuesday, with producer prices later in the week. A hotter-than-expected inflation reading could bring rate-hike bets back quickly. <a href=\"https:\/\/www.kitco.com\/news\/article\/2026-08-07\/wall-street-main-street-solidly-bullish-prices-end-week-nearly-300-higher\" target=\"_blank\" rel=\"noopener\">Source: Kitco, 7 Aug 2026<\/a><\/p>\n<\/li>\n<\/ul>\n<h2>This week&#8217;s price and what it means for an Estonian investor<\/h2>\n<p>As of 10 August, a one-ounce gold coin on the Estonian retail market trades in a range of roughly \u20ac3,890\u20133,990, while a one-ounce silver coin sits at about \u20ac77\u201379. The range exists because every coin&#8217;s price is the metal value plus a premium covering minting, shipping, insurance and retail costs. That is precisely why well-known and smaller coins cost more per gram than large bars \u2014 we covered this in more detail in our article on <a href=\"https:\/\/goldmansons.ee\/en\/?p=3355\">gold coin premiums<\/a>.<\/p>\n<p>In practice, a week like this carries three lessons. First: after a gain of nearly 7%, Estonian retail prices move up too, because they track the global spot price and the euro exchange rate. Second: one week&#8217;s move tells you nothing about the next month \u2014 gold traded below $4,000 at the end of June, hovered around that level in mid-July, and now sits at $4,340. Third: anyone buying physical metal regularly in smaller amounts is smoothing out exactly this kind of volatility, rather than trying to time the bottom.<\/p>\n<p>If you want to see this week&#8217;s levels in specific products, our range includes the <a href=\"https:\/\/goldmansons.ee\/en\/?p=2346\">1 oz Canadian Maple Leaf gold coin<\/a> and the <a href=\"https:\/\/goldmansons.ee\/en\/?p=2337\">1 oz Austrian Philharmonic gold coin<\/a>. On the silver side, common choices are the <a href=\"https:\/\/goldmansons.ee\/en\/?p=2854\">1 oz Australian Kangaroo silver coin<\/a> and the lower-premium <a href=\"https:\/\/goldmansons.ee\/en\/?p=3335\">1 oz silver coin MIX<\/a>. Bear in mind that investment gold is VAT-exempt in Estonia while silver carries VAT \u2014 which materially affects your real entry price on silver.<\/p>\n<h2>What to watch this week<\/h2>\n<p>Two numbers will set the tone: Tuesday&#8217;s US consumer price index and the producer price index later in the week. If inflation keeps cooling, it reinforces last week&#8217;s logic \u2014 less pressure to raise rates, and a lower opportunity cost for holding gold. If inflation surprises to the upside, the effect of the weak labour market could be neutralised quickly. The third thread to watch is the Strait of Hormuz negotiations, since the oil price currently feeds straight into inflation expectations.<\/p>\n<p><em>This article is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell precious metals. Precious metal prices fluctuate. Before making any investment decision, consider your own circumstances and consult a specialist if necessary.<\/em><\/p>\n<p><strong>Goldman &amp; Sons editorial team<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A weak US jobs report handed gold its best week since January \u2014 spot $4,340.60, silver $63.35. Money returned to gold ETFs, with Europe leading the way.<\/p>\n","protected":false},"author":0,"featured_media":3364,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[129],"tags":[],"class_list":["post-3367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-turu-uudised"],"acf":[],"_links":{"self":[{"href":"https:\/\/goldmansons.ee\/en\/wp-json\/wp\/v2\/posts\/3367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goldmansons.ee\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goldmansons.ee\/en\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/goldmansons.ee\/en\/wp-json\/wp\/v2\/comments?post=3367"}],"version-history":[{"count":0,"href":"https:\/\/goldmansons.ee\/en\/wp-json\/wp\/v2\/posts\/3367\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/goldmansons.ee\/en\/wp-json\/wp\/v2\/media\/3364"}],"wp:attachment":[{"href":"https:\/\/goldmansons.ee\/en\/wp-json\/wp\/v2\/media?parent=3367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goldmansons.ee\/en\/wp-json\/wp\/v2\/categories?post=3367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goldmansons.ee\/en\/wp-json\/wp\/v2\/tags?post=3367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}