Gold jumped roughly 7% last week, logging its best weekly gain since January, driven by a weaker U.S. dollar, falling Treasury yields, and an unexpected contraction in employment data that reduced fears of aggressive Federal Reserve rate hikes. Macroeconomic Shifts: Declining Treasury yields and a softer U.S. dollar lowered the opportunity cost of holding non-yielding bullion. This shift accelerates a broader trend of moving sovereign gold reserves back to the region from London and coincides with a 21-month buying streak that added 20 tons in July 2026 alone. For the moment, gold remains below the 150-day moving average; the more leveraged way to play it — the gold miner ETFs GDX and GDXJ — are bumping up against it. The key indicator is that Newmont Mining, the largest constituent of the gold miners, has broken through the 150-day moving average.