Gold Gains as Markets Await US Jobs Data Amid Softer Norwegian Manufacturing

Gold Rises Ahead of Key US Jobs Report

Gold climbed toward $4,300 an ounce on Friday, resuming its upward trend as investors awaited the closely watched US jobs report for fresh clues on labor market conditions and the outlook for Federal Reserve monetary policy. Markets remain divided over whether the US central bank will raise interest rates in September, although Fed officials have increasingly signaled a willingness to tighten policy soon amid mounting inflationary pressures. Investors also continued to monitor developments in the Middle East, as renewed tensions in the Strait of Hormuz pushed oil prices higher, reviving concerns about inflation and the prospect of near-term rate hikes. Elsewhere, data from clearing institutions showed that institutional investors in China continued to build long positions in gold-backed assets as a hedge against volatility in technology stocks, with demand also supported by continued central bank buying.

Norway Manufacturing Output Falls 1% in June

Norway’s manufacturing production dropped 1% month-over-month in June 2026, reversing an upwardly revised 0.8% rise in the previous month. Output declined across several key categories, including food, beverages and tobacco (-0.7% vs 1.1% in May), fabricated metal products (-3.3% vs 5.2%), repair and installation of machinery (-7.0% vs 6.5%), computer and electrical equipment (-1.7% vs -0.5%), machinery and equipment (-3.4% vs 1.0%), basic metals (-1.5% vs 0.5%), and rubber, plastic and mineral products (-1.2% vs 0.5%). In contrast, production continued to rise in refined petroleum, chemicals and pharmaceuticals (1% vs 0.1%) and rebounded in ships, boats and oil platforms (2.5% vs -1.7%). On an annual basis, manufacturing output increased 0.7%, slowing from a downwardly revised 2.1% growth in May.

Register a Revolut Business Account