Gold prices surged to a fresh record high of $3,596.21 per ounce on Friday, rising 1.39% from the previous day and continuing a strong rally that has lifted the metal 6.74% over the past month.
Compared with the same time last year, gold is up 44.6%, reflecting ongoing investor demand amid expectations of easier US monetary policy, geopolitical risks, and concerns over inflation. Earlier this month, gold briefly reached an all-time high of $3,600.13 per ounce.
The latest gains followed the release of a weaker-than-expected US jobs report, which showed the economy added just 22,000 jobs in August, far below forecasts of 75,000.
The unemployment rate rose to 4.3%, the highest since 2021, highlighting a slowing labor market. The data reinforced expectations that the Federal Reserve may cut interest rates later this month, with markets pricing in about 66 basis points of easing for 2025.
For the week, gold is set to gain nearly 3%, its strongest weekly performance in three months. The rally has been underpinned not only by rate-cut expectations but also by concerns over the Fed’s independence, ongoing political risks, and a steepening yield curve amid inflation concerns.
Other precious metals saw more modest gains, while the US dollar weakened slightly against major currencies, reflecting growing expectations of Fed easing.
The combination of slowing economic data, policy uncertainty, and geopolitical tensions has reinforced gold’s role as a safe-haven asset, sustaining strong investor interest.
Gold’s record-breaking rise underscores the ongoing influence of macroeconomic indicators and monetary policy expectations on commodity markets, with the metal continuing to attract attention from global investors seeking stability amid economic and political uncertainty.
