Gold ends week near $3,600 as rate-cut bets, jobs data and policy headlines drive trade

Tone of the reports: Mixed

The week’s key developments

1. Rate-cut expectations were the dominant narrative: multiple outlets said gold’s record run and silver’s jump were driven by revived bets that the Fed cuts rates this month, which can support non-yielding assets like bullion.

   SourcesMINING.COM: Gold futures hit all-time high on rate cut momentum - MINING.COMBloomberg: Gold Touches Record High Above $3,500 On US Rate-Cut BetsYahoo Finance: Gold and Silver Jump as Rate-Cut Wagers Reignite Bull RunEarlier news service: Gold climbs on US rate-cut bets; silver hits 14-year high+1

2. Gold repeatedly pushed into record territory during the week, with coverage noting a move above $3,500 and later fresh record headlines around $3,600.

   SourcesBloomberg: Gold Touches Record High Above $3,500 On US Rate-Cut BetsEarlier news service: ALL TIME HIGH : Gold Roars Past $3,5002: Gold Hits Fresh Record at $3,600 After U.S. Economic Data3: Gold reaches new record high after weak US jobs dataYahoo Finance: Gold price today, Tuesday, September 2, 2025: Gold opens at record high above $3,500Action Forex: Gold Price Reaches a New All-Time High+1

3. Friday coverage tied gold near $3,600 to weaker U.S. jobs data and growing expectations for a series of Fed rate cuts; Reuters also reported the White House expected the Fed to weigh a larger cut after the jobs report.

   SourcesReuters: Gold nears record $3,600/oz level as weak US jobs data fuels rate-cut bets2: Fed on track for string of rate cuts as labor market weakens3: White House expects Fed to weigh larger rate cut after disappointing jobs data

4. Silver’s rally was a key feature early in the week, with reports saying it hit a 14-year high and traded above $40 for the first time since 2011.

   SourcesEarlier news service: Gold climbs on US rate-cut bets; silver hits 14-year highMINING.COM: Silver price tops $40 for first time since 2011 - MINING.COMInvezz: Silver price forecast: here's why XAG is rising and what next

5. Buying-interest themes extended beyond futures: Forbes cited World Gold Council data showing gold ETF inflows continued in August, and MINING.COM reported strong gold-ETF demand as prices hit records.

   SourcesForbes: Gold ETFs Inflows Continue In August, Says World Gold CouncilMINING.COM: State Street's gold ETF rakes in billions as metal hits record ...

6. Central-bank demand remained a recurring support argument: Kitco reported central banks are still buying heavily, and other coverage highlighted the idea that official gold reserves have climbed relative to U.S. Treasury holdings.

   SourcesKitco News: Official gold reserves surpass US Treasury holdings for the first time in 30 years, but central banks are just warming up2: Central banks can’t get enough of goldBenzinga: Gold Prices Hit Four-Month High As Mohamed El Erian Flags Increase In Central Banks Holdings To A 30-Year High Vs US Treasuries - GraniteShares Gold Trust Shares of Beneficial Interest (ARCA:BAR), GolMarketWatch: Opinion: Why central banks are ghosting Treasurys for gold — and ...

7. Policy headlines added a separate layer of uncertainty: Reuters reported a Trump order offering some tariff exemptions affecting certain gold imports, while Kitco warned Fed maneuvers and trade policy could raise volatility and disrupt gold and silver import flows.

   SourcesReuters: Trump signs order offering some tariff exemptions to countries with ...Kitco News: Markets brace for volatility amid Trump's Fed maneuvers | Kitco News