Gold Closes at $4,716/oz, Clinches 1.95% Weekly Gain on Iran Peace Hopes Despite Strong NFP

Gold settled near $4,716/oz on May 8, posting a 1.95% weekly advance amid US-Iran peace optimism weakening the dollar to 97.97 and plunging oil over 11% to $97/bbl Brent, shrugging off robust NFP adding 115K jobs at 4.3% unemployment. Prices had cratered to $4,510 lows on May 5 amid Gulf tensions, high yields, and DXY at 98.5. Rebound accelerated May 6 with 3%+ surge above $4,700, peaking $4,764 May 7 before Hormuz flare-ups prompted pullbacks to $4,709, holding key support.