Gold hits fresh record above $2,480 as rate-cut bets firm
Bullion extended its rally to a new all-time high after softer US labor data reinforced expectations of a September Fed cut.
Gold prices surged to a fresh record on Friday as traders piled into the safe-haven metal following a weaker-than-expected US jobs report.
The move extends a rally that has seen bullion gain steadily through the summer, driven by growing conviction that the Federal Reserve will begin cutting rates next month.
Falling real yields have made non-yielding gold more attractive relative to bonds, while a broadly softer dollar has added further support.
Analysts note that momentum remains firmly bullish, with the $2,500 level now in focus as the next major test for buyers.
Key Takeaways
- Spot gold broke above $2,480/oz, a new record close.
- Weak payrolls data pushed Fed cut odds for September above 85%.
- A softer dollar and falling real yields are the main tailwinds.
- Traders are watching $2,500 as the next psychological resistance.
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