Gold prices near record high as US unemployment rises
Gold prices climbed to $3,594 per ounce on September 8, 2025, just shy of the record $3,600 set earlier this month.
This jump came right after a disappointing US jobs report showed unemployment rising to its highest since 2021.
With traders now betting on nearly three Federal Reserve rate cuts this year, gold is looking extra attractive as a safe place to park money.
Global factors and Indian festival demand push gold prices
Gold tends to shine when things feel uncertain. Right now, worries about inflation and global tensions are pushing more people toward gold.
In India, festival demand, along with global factors, contributed to 24-carat gold reaching ₹10,849 per gram as of September 6-8, 2025.
Globally, concerns over central bank independence—especially with US President Donald Trump trying to influence monetary policy and remove tariffs from gold—are adding fuel. Plus, China keeps stacking up its own gold reserves.
Trump's influence on Fed matters
A slowdown in US job growth means less pressure for the Fed to keep interest rates high—which usually boosts gold prices.
Trump's push for changes at the Fed and his recent move to exempt gold from tariffs have also played a part in sending prices higher during these unpredictable times.