6 September 2024
Gold prices are holding steady above $2,500 per ounce as investors eagerly await US economic data, particularly the payrolls report, which could significantly influence the Federal Reserve’s decision on interest rate cuts this month. Recent weak job market data has increased expectations for rate cuts, typically beneficial for gold as a non-interest-bearing asset. The precious metal has seen a substantial 20% rise this year, driven by rate cut optimism, strong over-the-counter purchases, and geopolitical tensions, with prices reaching a record high in August.