Ammon News - Gold surged past the $3,600 an ounce level for the first time on Monday, hitting a record high, as soft U.S. labor data reinforced expectations the U.S. Federal Reserve will cut interest rates next week.
Spot gold rose 1.3% to $3,634.25 per ounce, as of 2:26 p.m. EDT (1826 GMT). Bullion hit a record high of $3,646.29.

U.S. gold futures for December delivery settled 0.7% higher at $3,677.40.

The yellow metal could extend its momentum toward $3,700–$3,730 in the near-term, with any brief pullbacks likely seen as buying opportunities, said Peter Grant, vice president and senior metals strategist at Zaner Metals.

Gold prices are up 37% so far this year, after gaining 27% in 2024, bolstered by dollar softness, strong central bank accumulation, dovish monetary settings and heightened global uncertainty.

China's central bank extended its gold-buying streak to a 10th straight month in August, official data showed on Sunday.

Benchmark 10-year U.S. Treasury yields, meanwhile, were at their lowest in five months.

Elsewhere, spot silver rose 0.8% to $41.29 per ounce, touching its highest since September 2011, earlier in the session. Platinum was up 0.6% at $1,381.49, and palladium gained 2.1% to $1,132.87.

Reuters