Gold prices climbed to around $4,320 per ounce on Monday, approaching an all-time high, as investors awaited a series of key US economic releases this week for further clues on the Federal Reserve’s interest rate trajectory. Attention will mainly be on the jobs report due on Tuesday and the inflation data on Thursday. Last week, the Fed delivered its third 25bps rate cut of the year. However, the decision was not unanimous, with three policymakers dissenting, and opinions remain divided on the potential scope of further easing in 2026. Two Fed officials who opposed the cut said on Friday that inflation remains elevated and that it would have been “more prudent” to wait for additional data before reducing rates. Gold has surged over 60% year-to-date, on track for its strongest annual gain since 1979, driven by robust central bank purchases, strong ETF inflows, safe-haven demand, and a shift by investors away from sovereign bonds and currencies.
