Gold prices surged to a new record high on Friday after weaker U.S. jobs data strengthened expectations of a Federal Reserve interest rate cut this month.
Spot gold climbed 1.0% to $3,581.07 per ounce, while December gold futures gained 0.9% to $3,637.42 by 09:27 ET (13:27 GMT). Earlier in the week, spot gold had already reached a previous record of $3,578.80.
Bullion, along with other precious metals, was set for a third consecutive weekly gain. The U.S. dollar weakened as traders grew more confident that the Fed will cut rates in September.
Safe haven demand also boosted gold prices earlier in the week. Concerns over rising government debt and higher bond yields pushed investors toward bullion. Ongoing legal disputes over U.S. tariffs and questions about the Fed’s independence added to market uncertainty.
Federal Reserve officials have recently signaled a greater willingness to lower rates to counter signs of a cooling labor market.
The latest nonfarm payrolls report showed only 22,000 new jobs in August, far below forecasts. Other indicators, including jobless claims, job openings, and private-sector hiring, also came in weaker than expected.
Markets now assign nearly a 100% chance that the Fed will cut rates by 25 basis points at its September 16–17 meeting, according to CME’s FedWatch Tool.
Other precious metals also advanced on Friday. Spot platinum rose 0.9% to $1,388.13, while spot silver increased 1.5% to $41.27 per ounce.
