Gold prices climbed in Asian trade on Wednesday, staying just shy of record highs as growing conviction over a Federal Reserve rate cut next week continued to lift demand.
Spot gold was trading at $3,645.15 per ounce by 09:30 GMT, after hitting an all-time high of $3,673.95 on Tuesday. The metal is up 38% so far this year, supported by a softer dollar, heavy central bank buying, dovish policy signals, and persistent geopolitical uncertainty.
The latest boost came after US labour data revealed the economy had created 911,000 fewer jobs over the past year than earlier estimated, reinforcing the view of a cooling labour market. Markets now see a near-certainty of a 25-basis-point cut at the Fed’s September meeting, with a slim chance of a larger 50-point move.
Lower rates typically enhance gold’s appeal against yield-bearing assets, and banks are beginning to chase the rally. ANZ on Wednesday raised its year-end forecast to $3,800, with a possible peak near $4,000 by mid-2026, citing strong investment flows into bullion.