The US employment data strengthens expectations for interest rate cuts, and spot gold breaks through $3600 for the first time.

The latest US non-farm payroll data is likely to be the final factor for the Federal Reserve to cut interest rates at its next meeting in two weeks, causing the price of gold to continue rising, with spot gold reaching $3600 per ounce. Data released by the US Department of Labor on Friday showed an increase of 22,000 new jobs in August, lower than the expected 75,000 by economists. Analyst Barbara Lambrecht from the German bank's research institute said, "The price of gold has finally broken through the upper limit of the trading range of the past few months." Concerns about the Fed's independence and escalating geopolitical risks have also contributed to the current uptrend. Following a 27% increase in 2024, gold has surged over 37% so far this year, mainly driven by a weakening dollar, central bank gold purchases, loosening monetary policy environment, and increased geopolitical and economic uncertainty. Independent metal trader Tai Wong said, "With gold hitting new highs, investors are focusing on the clear trend of weak employment turning into multiple rate cuts. In the short and even medium term, labor market concerns outweigh inflation concerns, undoubtedly bullish for gold. But unless there is a significant market dislocation, I believe the price of gold is still far from $4000."