Gold Futures Climb on Weaker Dollar, Fed Rate Cut Hopes

Gold futures rose 0.3% to $3,409.30 a troy ounce, supported by soft U.S. labor data and a weakening dollar. SP Angel analysts note that gold extended gains after July’s Nonfarm Payrolls came in below expectations, with May and June figures also sharply revised lower. The disappointing data has fueled speculation of interest rate cuts by the Federal Reserve, pushing Treasury yields down. Lower rates typically favor gold, which offers no yield. A weaker dollar further boosts demand by making the metal cheaper for international buyers and reinforcing gold’s appeal as a safe-haven asset.