Gold Hits a Fresh Record High as Key US Jobs Data Weakens

Citi: Expect Gold to Climb to $3,600 Over Next Months

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By Sybilla Gross and Mark Burton

September 4, 2025 at 11:50 PM UTC

Updated on

September 5, 2025 at 5:26 PM UTC

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.

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.