Gold hovered around $3,620 per ounce on Wednesday, remaining near a fresh record reached in the previous session, supported by expectations around US monetary policy and broader uncertainty. Recent revisions to nonfarm payrolls show the economy added significantly fewer jobs than initially estimated over the past year, following similar downward adjustments from the previous year. This added to a string of weak labor market reports that have led markets to price in multiple interest rate cuts this year, including a potential 25-basis-point reduction at the upcoming Federal Reserve meeting. Investors now await inflation data later this week for further guidance. On the trade front, US President Donald Trump has urged the European Union to impose tariffs of up to 100% on China and India in an effort to pressure Russian President Vladimir Putin to end the Ukraine war. Rising unrest in the Middle East is also adding to geopolitical risks.
