Gold races toward $3700 on rate cut bets

Gold touched a fresh all-time high of $3698 per ounce, fueled by strong expectations of Federal Reserve rate cuts this year after a surprisingly weak US jobs report. Investors now await key US inflation data later this week for further clues on the Fed?s next steps. Safe-haven demand remains strong amid US tariff tensions and geopolitical risks, while the US dollar weakness adds further support. China continued its steady gold accumulation, adding 60,000 ounces in August to reach 74.02 million ounces, reflecting its strategy to diversify reserves. MCX October gold futures rose 0.5% to ₹109055 per 10 grams, peaking at ₹109500 earlier in the session. So far in 2025, gold has gained nearly 40%, driven by central bank buying and global uncertainty.

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