Gold hits record $3,610 as Fed rate cut bets surge

Russell Shor, Senior Market Analyst at Tradu.com, commented:

“Gold hit a fresh record above $3,610 an ounce after weak US jobs data boosted bets on Fed rate cuts.

“Markets are now pricing nearly three reductions this year, with some traders even calling for a 50bp move in September — reinforcing demand for non-yielding assets.

“Haven flows are also being fuelled by political risks, including Trump’s pressure on the Fed and an upcoming court ruling on Governor Lisa Cook’s tenure.

“With China extending its gold-buying streak and tariffs eased on bullion imports, momentum for the metal remains strong heading into this week’s key inflation data.”