According to CoinMeta, gold prices hit a seven-week high due to weak U.S. employment data, with spot gold prices breaking through $4,360 per ounce, rising by more than 3% during the day. A report from the U.S. Department of Labor showed that non-farm employment fell by 23,000 in July, far below the expected 80,000, which weakened market expectations for a Federal Reserve interest rate hike. Currently, the market expects a 45% probability of a rate hike in September, down from 57% before the report was released. Analysts pointed out that the weak employment data reduces the likelihood of a Fed rate hike at its next meeting, thus supporting gold prices.