Gold is extending its upward trend in Friday’s session as investors await the release of the United States employment report, seeking clues on labour market conditions and the future direction of Federal Reserve monetary policy.
Market participants remain divided over whether the Fed will cut interest rates in the coming months, but a more cautious tone from central bank officials in response to cooling employment data has continued to fuel rate-cut expectations.
By Friday morning, gold was trading at $4,291.20 per ounce, up 1.21%, also benefiting from a weaker US dollar — down 1% on a monthly basis against the euro — and sustained buying by central banks, notably China, which remains a structural driver of demand.
The absence of a ceasefire agreement in the Middle East is also a contributing factor, with the prospect of persistently elevated energy prices adding further pressure to a market already volatile amid the global race to develop Artificial Intelligence infrastructure.
“There is considerable uncertainty surrounding the US labour market and the consequent direction of the Fed,” said David Chao, global market strategist at Invesco, as quoted by Bloomberg. “Investors may be reducing risk exposure and taking some profits ahead of the jobs report,” he added.
Silver is also posting gains on the day, rising 3.29% to trade at $63.52 per ounce.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/08/07/commodities-3/ouro-prolonga-tendencia-de-subida-a-espera-de-relatorio-de-emprego-nos-eua/
