Gold rallied to a fresh record as an unexpectedly weak US employment report bolstered wagers that the Federal Reserve will cut interest rates later this month, reports Bloomberg. Bullion rallied as much as 1.5% to hit a fresh all-time high above $3,600 an ounce, extending a steep rally this week as bets on rate cuts intensify.
The move came as a pivotal US payrolls report on Friday showed a slowdown in hiring, while unemployment rose to the highest level since 2021. Lower borrowing costs tend to boost the appeal of non-yielding gold, which has also seen support from strong haven demand amid concerns over the US central bank’s future.
