December gold futures hit a two-month high after weak jobs data fueled expectations of a Fed pause in September.
Gold December futures opened at $4,400 per troy ounce on August 10, matching Friday’s close but marking the highest opening level since early June. Prices later slipped to $4,391.50 in early trading as investors digested a softer-than-expected U.S. employment report, which reduced bets on a Federal Reserve rate hike next month.
The metal has surged 7.8% over the past week and 28% year-over-year, though gains have moderated from January’s peak of 95.6%. Analysts now await this week’s inflation data, which could further sway rate expectations amid persistent price pressures.
U.S.-Iran negotiations remained unchanged, with President Trump describing the stance as “low-key,” leaving geopolitical risks largely priced in.