Gold Near Record Highs, Set for Seventh Weekly Gain

2025-10-03 14:45 By Joana Ferreira 1 min. read

Gold climbed to $3,875 per ounce on Friday, edging closer to Thursday’s all-time high of $3,897 and on track for its seventh straight weekly advance on the back of safe-haven demand fueled by the ongoing US government shutdown and rising expectations of a dovish Federal Reserve.

With the shutdown likely to continue delaying the release of the September nonfarm payrolls report, investors have turned to alternative data pointing to a cooling economy.

The ADP report showed a surprise drop in private-sector employment, while the latest ISM Services PMI signaled stagnation.

Markets now expect the Fed to deliver two consecutive 25 bps rate cuts at its remaining meetings this year.

Gold has already surged 48% year-to-date, putting it on course for its best annual performance since 1979.



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