Gold prices gained bullish momentum on May 8, 2026. Spot gold traded up 0.72% to reach $4,722.40 per ounce. The rally followed a U.S. nonfarm payrolls report showing 115,000 jobs added in April, significantly beating the consensus forecast of 65,000.
The market reaction occurred despite strong employment data typically giving the Federal Reserve flexibility to maintain hawkish interest rates. A stronger U.S. dollar and rising Treasury yields also prompted some profit-taking during the trading session.
Broader sentiment for the week was supported by optimism over a potential U.S.-Iran peace agreement. This development helped ease inflation fears and positioned gold for a weekly gain.