On 2 July 2026, the gold price climbed above 4,100 dollars per troy ounce. The trigger: the Bureau of Labor Statistics released the June employment figures that morning. The US economy created only 57,000 new jobs outside the farming sector in June, far fewer than the market had expected. The dollar promptly fell. Gold rebounded.
For anyone wanting to sell old gold, jewellery or coins, it is useful to understand what lies behind that move.
Why weak jobs figures drive gold up
The NFP is the monthly report by the Bureau of Labor Statistics on new jobs in the US economy outside the farming sector. Financial markets worldwide look forward to it eagerly, because the figures help determine whether the Fed will raise or cut rates.
When the labour market is strong, investors expect a higher rate. Gold pays no interest of its own. In an environment of high rates, savings products and bonds become more attractive. Gold then relatively loses ground. A weak report works exactly the other way: the chance of a rate hike falls, gold becomes relatively more attractive, and the dollar weakens at the same time. A cheaper dollar makes gold more affordable for buyers outside America, which lifts demand.
On 2 July, a second data point reinforced the effect. That same morning, the weekly jobless claims confirmed that the US labour market is losing strength: 215,000 new claims, stable but high. Two disappointing signals at once produced a sharp reaction on the gold market.
After the worst quarter in thirteen years
The rebound of 2 July comes after a particularly painful second quarter. From April to the end of June, gold lost more than 14 percent of its value, the largest quarterly loss since the second quarter of 2013. Earlier in the week, the price briefly dropped to the lowest level in eight months, just above 3,959 dollars.
The correction began after gold reached a historic record of 5,589 dollars on 28 January 2026, driven by escalating tensions between the US and Iran. When that situation partly eased and the Fed hardened its tone with higher rate forecasts, the premium investors paid for gold as a safe haven gradually unwound.
Signs of a floor?
A return to a critical support level, followed by a strong rebound on economic news, is what technical analysts usually describe as the forming of a floor. The zone around 3,900 to 3,959 dollars was pointed out as crucial support. A closing rate well above it is a first sign that the correction is losing force.
Meanwhile, central banks keep buying gold. A survey by the Official Monetary and Financial Institutions Forum, published at the end of June, shows that 61 percent of the central banks polled expect gold to trade between 5,000 and 6,000 dollars within twelve months. Goldman Sachs kept its price target of 4,900 dollars for the end of 2026. Central banks buy from a long-term view and so form a structural floor of demand under the market, even after a weak quarter.
What this means if you want to sell old gold
The gold rate fluctuates daily on macroeconomic figures, but the value of your pieces does not change with it. The weight and the carat fineness determine your sale price. Have your gold valued without obligation, then decide at your own pace.
Gold today sits above 4,100 dollars per troy ounce. That is well over a quarter below the January record, but still far higher than a year ago. Expressed in euros, the exchange rate also plays a role: the dollar rate on the day of sale helps determine how many euros a gram of gold yields.
Your jewellery is rarely pure gold. An 18-carat piece contains 75 percent gold, the rest is alloy. A serious buyer converts the pure gold value per gram based on the current daily rate and the exchange rate. Always ask for that calculation and check the carat fineness applied.
A correction like the one in the past quarter sometimes gives the impression that waiting pays off. But tomorrow’s rate is uncertain. Anyone who sells today sells at today’s price. The only way to know what your gold is worth today is to have it valued.
In short
Gold jumped above 4,100 dollars on 2 July 2026 after weak US employment figures. After the heaviest quarter in thirteen years, the market seems to be feeling for a floor. Whether the rate climbs further or falls back again, no one knows. What is certain: gold is still at a historically high level, and anyone with old gold at home would do well to know what it is worth today.