Gold hits record high near $3,600 on Fed cut bets
On Friday, gold soared to a new all-time high, nearing $3,600 per ounce, as fresh U.S. employment data strengthened market expectations for a Federal Reserve rate cut later this month.
The record surge came after Friday’s key jobs report showed slower hiring in August, while unemployment rose to its highest level since 2021, confirming worsening labor conditions in the world’s largest economy.
On September 5, spot gold jumped 1.4% to a record $3,597.80 per ounce, surpassing the previous high of $3,670 set just two days earlier. U.S. gold futures showed a similar rise, with the most active contract topping $3,650 per ounce for the first time. The metal is now on track for a 5% weekly gain.
2 hour chart of XAU. Source: Trading View
After the jobs data, the probability of a Fed rate cut of 25 basis points at the upcoming September 17 meeting rose to 92%, according to the FedWatch tool.
“Gold is hitting new highs; bullish speculators expect the clear trend of weakening employment could lead to multiple rate cuts,” said independent metals trader Tai Wong in a note to Reuters.
Attacks on the Fed fuel gold rally
With the latest price moves, gold has risen more than 36% since the start of the year, as geopolitical, economic, and trade risks continue to boost demand for safe-haven assets.
Analysts also highlight concerns about the Federal Reserve’s independence as a key factor shaping gold’s trajectory. This issue gained focus after U.S. President Donald Trump attempted to fire Fed Chair Lisa Cook and repeatedly pressured the central bank to cut rates.
In light of this, Goldman Sachs analysts predicted this week that gold could realistically rise to $5,000 if Trump continues attacking the Fed and gains leverage over its policy. Such moves would erode investor confidence in dollar assets and boost the appeal of gold bullion.
As we wrote, Gold price prediction: Analysts reveal $3,550 level as key pivot for next rally
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