Gold Nears Record High Amid Economic Uncertainty and Fed Rate Cut Expectations
Gold prices have surged back NEAR all-time highs, trading at $3,418.14 per troy ounce—just shy of June's peak of $3,448.50. The rally follows a weaker-than-expected U.S. jobs report, which revealed sluggish hiring and upward revisions to unemployment figures. Investors are flocking to the precious metal as a safe haven amid growing bets that the Federal Reserve will cut interest rates in September.
The labor market's deterioration has intensified economic uncertainty, reinforcing gold's appeal. Spot prices have climbed over 3% since last week's one-month low, with the metal's traditional role as a hedge against instability driving demand. Market sentiment now hinges on whether the Fed will pivot to accommodative policies sooner than anticipated.
