Gold Near Record High Ahead of US Jobs Data
Gold Prices Hover Near Record High Ahead of U.S. Jobs Data
SINGAPORE — Gold prices inched higher on Friday, holding close to record levels as investors awaited key U.S. employment data for clues on the Federal Reserve’s next move.
Spot gold rose 0.3% to $3,556.21 per ounce by 0332 GMT, just below Wednesday’s all-time high of $3,578.50. The metal has already gained 3.2% this week. U.S. gold futures for December delivery were up 0.2% at $3,615.
“Gold is creeping higher today, with traders not willing to push the price too much further until we see the non-farm payrolls print,” said Tim Waterer, chief market analyst at KCM Trade.
Analysts say the backdrop remains favorable for bullion, with expectations of U.S. interest rate cuts, political pressure on the Federal Reserve, and ongoing geopolitical risks such as the Russia-Ukraine war.
Fresh economic data on Thursday showed U.S. jobless claims rose more than expected last week, signaling a softening labor market. The ADP report also revealed weaker-than-forecast private payroll growth in August.
Several Fed officials have hinted that labor concerns support the case for rate cuts. Governor Christopher Waller suggested the central bank should begin easing at its next meeting. Markets are now pricing in a nearly 100% chance of a 25-basis-point cut on September 17, according to CME Group’s FedWatch tool.
Non-yielding gold typically benefits in a low-interest-rate environment, making the upcoming non-farm payrolls data at 1230 GMT a key focus for traders.
Among other precious metals, spot silver gained 0.4% to $40.85 per ounce, on track for its third straight weekly rise. Platinum climbed 1.3% to $1,385.01, while palladium edged up 0.3% to $1,129.
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