Gold Prices Ease After Rally, Still Supported by Fed Rate Cut Expectations

Gold prices eased from two-week highs as investors took profits following a recent rally.

Spot gold fell 0.3% to $3,354.17 per ounce, while U.S. gold futures edged up 0.2% to $3,407.10. The previous session’s rally saw a 2% gain in gold, driven by weaker-than-expected U.S. jobs data, which heightened expectations of a Federal Reserve interest rate cut in September—now seen as an 81% probability, according to the CME FedWatch tool.

Market sentiment was further influenced by persistent fears about the U.S. economy and ongoing tariff policies under President Donald Trump.