Gold holds near highs ahead of key US jobs report

September 04, 2026 (MLN):  Gold prices were little changed on Friday, putting the precious metal on course for a slight weekly gain as market participants awaited the release of key US payrolls figures that could offer fresh direction on the Federal Reserve's upcoming rate decision.

Currently, spot gold is up 1.92% to $4,472.68 an ounce as of [10:18 am] PST, according to data reported by Mettis Global.

The metal had rallied 2% in the previous session after investors dialed back bets on a rate hike this September, following comments from Fed Governor Christopher Waller signalling support for keeping rates unchanged should inflation continue to show signs of cooling, CNBC reported.

According to the CME FedWatch Tool, markets are now assigning roughly even odds  about 50%  to a Fed rate increase later this month.

On the geopolitical side, US Vice President JD Vance stated that the ongoing US-Iran conflict did not constitute a war, while declining to offer a timeframe for when it might end.

His comments pointed to the growing pressure on the Trump administration as the standoff drags into its seventh month, with midterm elections drawing closer.

Elsewhere in the metals market, spot silver eased 0.3% to $66.78 per ounce, though it remained set for a weekly rise. Platinum dropped 0.8% to $1,811.28 and palladium slipped 0.4% to $1,415.75, with both metals poised for modest weekly losses.

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