Gold Rally Hits Longest Streak Since February

Gold held its longest winning streak since February, climbing over 3% in just four sessions amid mounting concerns about the U.S. economy. Weak data on the services sector, labor market, and consumer spending are reinforcing fears of a slowdown, largely blamed on ongoing tariffs.

This has fueled speculation that the Federal Reserve will cut interest rates at its September meeting—an outcome traders now see as a 90% probability. Lower rates tend to favor gold, which offers no yield but preserves purchasing power.

Gold is up nearly 30% so far this year, as investors seek shelter from trade conflicts, geopolitical tensions, and declining confidence in the dollar. Still, bullion remains range-bound below its April record of around $3,500, trading at $3,383 in early Asian markets.