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01.09.202502:58:13UTC+00Gold Marches Toward All-Time High

Gold prices surged towards $3,480 per ounce on Monday, approaching a record high, as investors contemplated the future actions of the Federal Reserve amidst uncertainty surrounding former US President Donald Trump's tariffs. A hearing regarding Trump's attempt to dismiss Fed Governor Lisa Cook concluded on Friday without a verdict, with a decision anticipated no earlier than Tuesday. Concurrently, a federal appeals court deemed Trump's global tariffs unlawfully imposed under an emergency statute, affirming a previous decision made in May by the Court of International Trade. Despite this, the tariffs will remain in effect until October 14, allowing the Trump administration the opportunity to appeal to the Supreme Court. Additional support for gold prices came from last week's US inflation figures, which bolstered expectations for a potential interest rate cut by the Fed later this month. Investors prepared for a series of US labor market reports due this week, including job openings, ADP employment data, and non-farm payrolls, which could influence the magnitude of the Fed's anticipated rate adjustment.

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