Spot prices rose 0.3% to $3,556.21 per ounce at 0332 GMT, close to Wednesday’s record peak of $3,578.50 an ounce.
US gold futures for December delivery inched higher to $3,615 an ounce. The metal has advanced 3.2% an ounce this week.
In India, prices stood at ₹10,685 per gram for 24 karat, ₹9,794 for 22 karat, and ₹8,013 for 18 karat, according to Goodreturns.
US jobs data in focus
Soft labor market signals have strengthened the case for a rate cut when the Federal Reserve meets on September 17.
Weekly jobless claims rose more than expected, while private payrolls grew below forecasts. Traders are now fully pricing in a 25-basis-point cut, CME’s FedWatch tool showed.
Tim Waterer, Chief Market Analyst at KCM Trade, noted that markets remain cautious ahead of US non-farm payrolls due later today, adding that dovish Fed prospects, political pressures, and ongoing geopolitical risks support bullion.
Analyst perspectives
Darshan Desai, CEO of Aspect Bullion & Refinery, observed that gold is resilient despite entering technically overbought territory. He attributed this to concerns over the Fed’s independence, a weaker dollar, and tariff-related uncertainty.
Rahul Kalantri, VP Commodities at Mehta Equities, said investors booked profits before the payroll report.
He identified support for gold at $3,500–3,530 an ounce and resistance at $3,570–3,590 an ounce.
Sandip Raichura, CEO of Retail Broking and Distribution at PL Capital, remained bullish, projecting a move beyond $3,700 an ounce.
He cited sustained central bank demand, dedollarisation, and geopolitical tensions as drivers, while highlighting the dollar index’s influence on near-term moves.
Outlook
Investors are watching today’s US jobs release for clues on the Fed’s next step. A weaker print may open the door for further upside, while a strong reading could trigger a pause in the rally. Longer-term, analysts see structural demand from central banks and ETF inflows keeping bullion elevated.
-With Reuters inputs
