Gold rallied to within cents of an all-time high on Friday as U.S. labor data reinforced expectations of Federal Reserve rate cuts. Spot gold rose 1.4% to $3,596.55 per ounce by 18:47 GMT after hitting a record $3,599.89 earlier, while December Comex futures settled up 1.3% at $3,653.30. The gains followed data showing U.S. unemployment rose to 4.3% in August and sharply slower job creation, with traders assigning a 90% probability to a 25-basis-point Fed cut in September and a 10% chance of 50 bps. Gold is up 37% so far in 2025 after a 27% rise in 2024, driven by a weaker dollar, central-bank buying and macro/geopolitical uncertainty. Physical demand in top consuming hubs China and India slowed this week amid record prices. Among other precious metals, spot silver rose 0.8% to $40.98/oz and was on track for a third straight weekly gain; platinum gained 0.5% to $1,373.92/oz, while palladium fell 1.5% to $1,110.32/oz. Analysts said debate over Federal Reserve independence has become an additional variable for bullion’s outlook, but near-term direction remains tied to rate expectations as non-yielding gold typically benefits when rates fall.