Today, gold continued its upward trend, reaching around $3,596 per ounce, an increase of about 1.4% from the previous day. The price moved within a bullish channel, showing strong buying pressure above the signal lines.
A short-term bearish correction tested support near $3,525 but rebounded quickly, aiming toward potential targets above $3,675.
The rise was fueled by weak US jobs data, which showed only 22,000 new jobs in August against expectations of 75,000, pushing market bets toward Federal Reserve rate cuts. Gold’s best weekly performance in three months is driven by rate-cut optimism, inflation concerns, a steepening yield curve, and political risks. Over the past month, gold rose 6.78% and is up about 44.65% year-over-year.
Silver rose about 1% to $41.08 per ounce, supported by demand and industrial use, especially in solar energy sectors. The metal remains strong despite minor corrections in some markets.
The ongoing expectation of Fed rate cuts and geopolitical risks continue to drive demand for gold and silver, keeping both metals well-supported in volatile markets.
