GOLD MCX TIPS HIT ALL MOST FULL TARGET 🔥🔥🔥 | NEAL BHAI REPORTS
GOLD MCX: 48500 TO 48269 = 231 (Profit Rs. 23,000 Per Lot)
Gold nears its record high as weak U.S. jobs data lifts Fed rate cut bets. Traders remain bullish on gold price forecast heading into next week.
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Soft US Jobs Data Fuels Bullish Case Into Fed Decision
Gold ended the week with a strong bullish tone, closing at $3,586.55 after briefly tagging a new all-time high at $3,600.21. The move was driven by sharply weaker U.S. labor data that reinforced expectations of a Federal Reserve rate cut at the upcoming September 17 FOMC meeting. With bond yields and the dollar under pressure, rate-sensitive assets like gold remain well supported by macro fundamentals.
US Labor Market Shows Clear Signs of Weakness
The August non-farm payrolls report came in far below expectations, with just 22,000 jobs added versus forecasts for 75,000. The unemployment rate rose to 4.3%, the highest in over a year. Earlier in the week, ADP private payrolls also missed, and weekly jobless claims increased to 237,000. Combined, the data paint a picture of a labor market losing steam, reinforcing the case for rate cuts.
Market pricing now shows a 90% probability of a 25-basis-point cut in September, with some bets even factoring in a larger move. Fed commentary has turned more cautious on employment conditions, adding weight to the dovish pivot.
Benchmark Treasury yields dropped sharply after the data. The 10-year yield fell to 4.076%, and the 2-year dropped to 3.509%, marking a five-month low. Lower real yields reduce the opportunity cost of holding gold, helping drive inflows from institutional accounts and hedgers.
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