Gold Prices Rise, Stay Near Record Ahead of U.S. Jobs Data
Gold prices climbed in Asian trading on Friday, holding close to recent highs. The move came as markets increased bets on a September U.S. interest rate cut, with the upcoming nonfarm payrolls report expected to reinforce this outlook.
Spot gold gained 0.4% to $3,559.82 an ounce, while December gold futures rose 0.3% to $3,617.87/oz by 01:04 ET (05:04 GMT). Spot prices had touched a record $3,578.80/oz earlier this week.
Gold Set for Strong Weekly Gains
Gold was on track for a 3.2% weekly gain, marking its third straight week of increases. The rally has been fueled by expectations of lower interest rates and strong safe-haven demand, driven by concerns over global debt levels, U.S. trade tariffs, and questions about Federal Reserve independence.
Recent weak labor market data—including jobless claims and job openings—added to the case for a rate cut. Fed officials signaled greater openness to easing policy. According to CME’s FedWatch tool, markets now price in a 96% chance of a 25-basis-point cut at the September 16–17 Fed meeting.
Broader Metals Also Advance
Other precious metals strengthened as well. Platinum rose 0.6% to $1,383.20/oz, while silver gained 0.5% to $40.86/oz, putting both metals on course for weekly increases.
Industrial metals also moved higher. London copper futures rose 0.7% to $9,957.05 a ton, while COMEX copper gained 0.6% to $4.5932 a pound.
Focus on Nonfarm Payrolls
The closely watched nonfarm payrolls report, due at 08:30 ET (12:30 GMT), is expected to show weak employment growth in August. A softer labor market would add further pressure on the Fed to cut rates, which in turn supports non-yielding assets like gold and silver by lowering the opportunity cost of holding them over government bonds.
