Gold futures contracts rose to approximately $4,526 per ounce, while spot prices returned above $4,450 per ounce. ^[1] The U.S. economy added 162,000 jobs in August, nearly triple the 53,000 gain economists polled by Dow Jones had forecast, according to the BLS report released Friday. ^[2] On the Friday before the US Labor Day holiday, the Dow Jones fell 0.51%, the Nasdaq 0.29%, and the S&P 500 0.38% on the New York Stock Exchange after the release of US employment data. ^[3] Donald Trump said on 2026-04-04 that the United States will stop trading with countries with which it runs trade deficits unless the Federal Reserve cuts interest rates. ^[4] Fed Governor Christopher Waller suggested he would support maintaining interest rates in September if August inflation data shows continued progress toward the 2% target. ^[5] The probability of a Federal Reserve rate increase in September has fallen from nearly 70% to 48% according to CME FedWatch. ^[6] The rally in gold prices is primarily driven by a shift in expectations regarding US Federal Reserve interest rates rather than geopolitical tensions. ^[7] Bitcoin fell more than 2% to trade near $79,300 within minutes of the release after touching a four-month high of $82,240 earlier Friday. ^[8] Fed funds futures traders are now pricing a 58% chance of a hike at the central bank's Sept. 15-16 meeting, up from 49.4% the day before, according to the CME FedWatch tool. ^[9] The unemployment rate held steady at 4.1%, matching expectations, and both June and July payrolls were revised higher. ^[10] According to the CME FedWatch tool, the market now bets on a US Federal Reserve interest rate hike as soon as the central bank's next meeting in mid-September, though expectations were divided the day before the report. ^[11] Market participants interpreted the employment report as a signal for the US Federal Reserve to focus on fighting inflation, one of its two mandates alongside strengthening the labor market. ^[12]