Gold extended its gains and broke a record high while maintaining a new long-term level above $3,500 as US jobs data became weaker.
At 9.20 am, gold prices were at $3,554.19, down 0.15% since it opened in early trading Thursday in the Asian session.
The yellow metal is set to continue its higher trend, opening up new areas, as well as creating profit-taking opportunities for the market in the future.
US economic data increased the chances of a Fed rate cut at the September meeting, with the JOLTS report falling sharply and Factory Orders rising slightly, indicating a continued economic slowdown.
Recently, the Initial Jobless Claims data on Thursday and the ADP National Employment Change could be the beginning of what is to come in the labor market.
Market attention now turns to the US August Non-Farm Payroll (NFP) data due out over the weekend.
Meanwhile, several Federal Reserve (Fed) officials, led by Minneapolis Fed Neel Kashkari and Atlanta Fed Raphael Bostic, both hawkish, prioritized price stability.
However, they acknowledged that the labor market was easing, with Bostic expecting a single 25 basis point rate cut this year.
Fed Governor Christopher Waller continued his campaign to cut rates at the September meeting.
