Gold ended a three-week consolidation phase, breaking above $4,600 on Friday for the first time since early April. The metal closed the week up 2.1% at $4,612, supported by fresh evidence of sustained central bank buying and a softer-than-expected April nonfarm payrolls print1.

Gold price, April 10 to May 1, 2026
Three weeks of range-bound trade between $4,500 and $4,580 ended Friday with a clean breakout, the first weekly close above $4,600 since early April.

Jobs data shifts the narrative

April nonfarm payrolls came in at 142,000, well below the 195,000 consensus, and the unemployment rate ticked up to 4.3%2. Wage growth held at 3.8% year over year. The miss prompted traders to add to bets on a September Fed cut, with the implied probability climbing to 58% from 41% before the release3.

Central banks step in

The People's Bank of China reported a 5-tonne increase in gold reserves for April, marking its 30th consecutive month of additions4. The Reserve Bank of India also disclosed a 4.7-tonne purchase over the same period5. Sustained buy-side demand from sovereign reserve managers has helped absorb the supply that emerging-market dollar holdings are quietly diversifying away from.

Treasury moves

The 10-year yield fell to 4.21% from 4.32% over the course of the week, the largest weekly drop since February6. Lower yields directly support gold by reducing the opportunity cost of holding the non-yielding metal. The dollar index slipped 0.7% on the week to 105.17.

Looking ahead

The next catalyst is the May 13 CPI report. A cooler print would extend the rally toward $4,700 resistance, while a hot reading risks a fast retest of the $4,500 support level that defined the April range.

Sources

  1. Yahoo Finance, COMEX gold futures (GC=F) weekly settlement
  2. Bureau of Labor Statistics, Employment Situation Summary, April 2026
  3. CME FedWatch Tool, implied Fed funds rate probabilities
  4. People's Bank of China, official foreign exchange reserve data release, April 2026
  5. Reserve Bank of India, weekly statistical supplement
  6. U.S. Department of the Treasury, daily Treasury par yield curve
  7. Intercontinental Exchange, U.S. Dollar Index (DXY) historical data