Gold Steadies as Fed Rate Cut Bets Build Ahead of U.S. Jobs Data

Gold prices rose 0.41% (+$14.75) on Friday to $3,548.68/oz (as of 4:33 pm PST), heading for their strongest weekly gain in three months.

The move comes as investors anticipate a Federal Reserve rate cut, with focus firmly on the upcoming U.S. non-farm payrolls report. Softer labor data — including higher jobless claims and weaker private hiring — has strengthened expectations of policy easing at the Fed’s September 17–18 meeting.

Analysts note that weaker-than-expected payrolls could push gold toward $3,650, while $3,450–$3,500 remains a key support zone.

Gold, which recently hit a record high of $3,578.50, continues to benefit from lower-rate expectations, geopolitical risks, and a weaker dollar backdrop.

Meanwhile, silver gained 0.2% to $40.76/oz, platinum rose 1% to $1,381.17, while palladium slipped 0.7% to $1,119.23.