Gold jumps 7% on weaker dollar, lower yields, and softer US jobs data, signaling potential breakout.

Gold prices surged about 7% last week, marking their best weekly gain since January. This rise was driven by a weaker US dollar, falling Treasury yields, and softer-than-expected US employment data, which eased concerns over aggressive Federal Reserve rate hikes. Additionally, China's central bank is increasing gold reserves in Hong Kong, supporting the city's goal to become a major bullion trading hub. Technical indicators suggest gold miners and gold ETFs may continue to rally, with options traders seeing favorable conditions for bullish strategies.