According to CoinMeta, gold prices rose on Wednesday due to weak employment data and hopes for the reopening of the Strait of Hormuz, reaching their highest level since June. Spot gold peaked at $4,295 per ounce, closing at $4,268, while the final trading price for gold futures was $4,329. Gold has been rising for the fourth consecutive trading day, approaching a seven-week high, as resistance since the start of the war has eased. Reports in July show a significant slowdown in private sector hiring, with most of the employment growth coming from healthcare. Weak economic reports have reduced the likelihood of a Federal Reserve interest rate hike in September, providing support for gold. Meanwhile, the United States and Japan jointly intervened in the Japanese yen, with Tokyo expected to sell nearly $60 billion in government bonds to support its currency, causing the US dollar index to hover at a six-week low of 99.78. The easing of tensions in the Strait of Hormuz is also a factor driving up gold prices, as Iran indicates that an agreement to reopen the strait with Oman is near. Despite this rebound, gold is still more than 20% below its historical high of $5,589 at the end of January.