05.09.202513:01:10UTC+00Gold Prices Up Nearly 1% to New High

Gold prices surged nearly 1% on Friday, reaching a new record high of $3,580 per ounce. This increase followed an unexpectedly weak US jobs report, which strengthened predictions of potential Federal Reserve rate cuts. In August, the US economy added only 22,000 jobs, falling short of the anticipated 75,000, while the unemployment rate increased to 4.3%, aligning with forecasts and marking the highest level since 2021. These figures highlighted a cooling labor market, reinforcing expectations for a potential Fed rate cut later this month. Current market indicators anticipate approximately 66 basis points of easing for 2025. Throughout the week, gold has been poised for nearly a 3% gain—its most significant weekly rise in three months—bolstered by the possibility of rate cuts, concerns over the Fed’s independence, escalating political risks, and a steepening yield curve.