Gold Hits Fresh Record as Fed Rate Cut Bets Grow

Gold prices climbed above $3,570 per ounce on Wednesday, extending its record-breaking rally, lifted by softer US jobs data that reinforced expectations for a Federal Reserve rate cut later this month while safe-haven demand remained strong amid global uncertainties. The weaker labor market report, showing a larger-than-expected drop in job openings and moderate hiring, supported bullion’s gains, with traders now seeing a 98% chance of a 25-basis-point cut at the September Fed meeting. Political concerns, including challenges to Fed independence and uncertainty over US trade policy, have further undermined confidence in dollar assets and bolstered gold’s appeal. Upcoming US jobless claims, ADP employment, and Friday’s nonfarm payrolls report will be closely watched for further signals on the economy and Fed policy. With low rates and heightened risks, analysts expect bullion’s rally to maintain strong momentum in the months ahead.