Gold nears record high on Monday

Gold prices climbed 1% to around $4,340 per ounce on Monday, approaching an all-time high, as investors awaited a series of key US economic releases this week for further clues on the Federal Reserve’s interest rate trajectory.

The focus will be primarily on the jobs report due on Tuesday and inflation data Thursday. Last week, the Fed delivered its third 25bps rate cut of the year.

However, the decision was not unanimous, with three policymakers dissenting and opinions remain divided on the scope of further easing in 2026.

Two Fed officials who voted against the cut said on Friday that inflation remains too elevated and that it would have been “more prudent” to wait for additional data before reducing rates.

Gold has surged over 60% year-to-date, on track for its strongest annual gain since 1979, driven by robust central bank purchases, strong ETF inflows, safe-haven demand, and a shift by investors away from sovereign bonds and currencies.