Gold Steadies Below Record High Ahead of US Jobs Data

2025-11-03 14:02 By Joana Ferreira 1 min. read

Gold prices stabilized around $4,000 per ounce on Monday, remaining below October’s record high of $4,382, as the US dollar held near a three-month high ahead of key US private payroll data, which investors will watch for clues on the Federal Reserve’s policy outlook.

Last week, the Fed delivered a widely expected rate cut, but Chair Jerome Powell indicated it could be the final reduction of the year, citing limited economic data availability amid the ongoing US government shutdown.

Following his remarks, traders scaled back expectations for another move in December, with rate cut odds dropping to around 70%.

At the same time, safe-haven demand for gold eased after the US and China reached an agreement to extend the tariff truce, ease export restrictions, and lower trade barriers.

In addition, China’s decision to remove a long-standing tax incentive on gold sales could raise domestic prices and dampen consumer demand in one of the world’s largest bullion markets.



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