Gold prices climbed to around $3,380 per ounce on Tuesday, marking a fourth consecutive session of gains, fueled by rising expectations of a U.S. interest rate cut in September.

Following last week’s soft jobs report, traders are now pricing in a 94.4% probability that the Federal Reserve will lower rates next month — a sharp shift in sentiment reflecting growing concerns over the U.S. economic outlook.

San Francisco Fed President Mary Daly signaled that the time for cuts is nearing, citing a cooling labor market and muted inflation pressures, despite tariff headwinds.

Adding to the momentum, gold found further support from political uncertainty after Fed Governor Adriana Kugler resigned on Friday. Her departure opens the door for President Trump to appoint a more dovish replacement, potentially aligning the central bank more closely with his calls for lower interest rates.

Meanwhile, safe-haven demand remains strong amid renewed trade tensions, as Trump’s latest round of tariffs on dozens of trading partners is set to kick in on August 7.