Gold prices hovered close to historic levels on Monday, following last week’s sharp rally, as weak U.S. employment data strengthened expectations of an imminent Federal Reserve interest rate cut. Spot gold remained steady at $3,585.68 per ounce, slightly below Friday’s all-time high of $3,600.03, while December futures fell 0.7% to $3,626.52 per ounce by 01:39 ET (05:39 GMT).
The metal has gained over 4% in the past week and has advanced in nine of the last ten sessions. Year-to-date, gold has risen nearly 37%, fueled by safe-haven demand amid global trade uncertainty and strong central bank purchases, particularly from China.
Weak U.S. Jobs Data Bolsters Rate-Cut Bets
The latest jobs report showed a slowdown in U.S. employment growth and an uptick in the unemployment rate to 4.3%. Investors now see a 25-basis-point rate cut at the September Fed meeting as likely, with a smaller probability of a 50-basis-point reduction. Lower interest rates reduce the opportunity cost of holding gold and often weaken the dollar, making the precious metal more attractive to investors.
The U.S. Dollar Index Futures were largely unchanged on Monday but remained soft following last week’s data-driven declines. Market participants are also eyeing Thursday’s U.S. inflation report, which could further shape expectations for Fed policy and influence gold’s short-term direction.
Silver, Platinum, and Copper Performance
Other precious metals showed mixed movements. Platinum futures traded flat at $1,385.60 per ounce, while silver slipped 0.6% to $41.30 per ounce, below last week’s highest level since August 2011. Copper markets were relatively steady, with London Metal Exchange futures at $9,901.65 per ton and U.S. futures up 0.3% to $4.56 per pound.
China, the world’s largest copper importer, reported slower export growth in August as momentum from the U.S.-China trade truce waned. Imports also fell compared with July, reflecting continued softness in domestic demand.
This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.