Gold Soars Above $4,210 an Ounce as Market Anticipates Fed Pivot

Gold prices have soared beyond $4,210 an ounce, driven by a combination of U.S. employment data and underlying inflation that met expectations. This has bolstered calls for additional easing from the Federal Reserve. Current market prices suggest an 88% probability of a 25 basis point reduction in the federal funds rate, decreasing from 3.75% to 4.0%. Furthermore, there are expectations for two additional rate cuts next year. In addition to the rate decision, traders will closely monitor the Fed's updated economic projections for 2026 and beyond.