Daily Market Report
➢ Gold (XAU/USD) consolidates just below the $3,600 record high after last week’s rally.
➢ A modest US Dollar recovery and positive equity market tone weigh on safe-haven demand.
➢ Weak US Nonfarm Payrolls (only 22K jobs added in August) reinforced Fed rate cut bets.
➢ Unemployment rose to 4.3%, the highest since 2021, while wage growth slowed to 3.7% YoY.
➢ Markets now see an 84% chance of a 25 bps Fed cut on Sept 17 and a 16% chance of 50 bps.
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