Spot gold prices experienced volatility over the past week, initially declining following the Federal Reserve's decision and weak U.S. jobs data, before surging nearly 2% to $3,354.45 per ounce on August 1. The increase was driven by expectations of rate cuts amid slowing job growth and renewed demand sparked by President Trump's new global tariffs. Gold reached a two-month high with a 2.2% gain near $3,360 per ounce on August 4, marking its largest surge in that period. However, profit-taking and rising yields led to a slight easing in gold prices thereafter. Other precious metals also saw declines, with spot platinum falling 3% to $1,352.45 per ounce and spot palladium dropping 5% to $1,194.25 per ounce. Analysts noted gold's relative stability compared to Bitcoin, highlighting gold's lower volatility and potential to outperform risk assets amid market uncertainties.