--- title: "Gold Tops $4,400, Silver Surges Past $65 as Weak US August ADP Fuels Rate Cut Expectations" type: "News" locale: "en" url: "https://longbridge.com/en/news/297852261.md" description: "Gold surpassed $4,400/oz and silver exceeded $65/oz on September 3, driven by weak US August ADP employment data showing only 38,000 jobs added. This shortfall fueled expectations for Federal Reserve rate cuts, weakening the dollar and boosting safe-haven assets. Market focus now shifts to Friday's non-farm payroll data; strong results could trigger a pullback, while weak data may further support precious metals, with gold potentially targeting $4,700." datetime: "2026-09-03T02:38:41.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/297852261.md) - [en](https://longbridge.com/en/news/297852261.md) - [zh-HK](https://longbridge.com/zh-HK/news/297852261.md) generator: "portal-rs" --- # Gold Tops $4,400, Silver Surges Past $65 as Weak US August ADP Fuels Rate Cut Expectations TradingKey - Weak ADP Employment Sparks Bullish Rally! Gold Strongly Tops $4,400 Level, Silver Soars Past $65. On September 3, precious metals continued to rally, with spot gold (XAUUSD) rising by about 0.5% to break above $4,400/oz, temporarily trading at $4,406.89; silver prices jumped in tandem past $65/oz, temporarily trading at $65.59. Gold Price Chart, Source: TradingView On September 2, data released by Automatic Data Processing (ADP) showed that US ADP private-sector employment increased by only 38,000 in August, far below the expected 47,000 to 48,000, marking the weakest employment growth so far this year. The sharper-than-expected cooling in employment data reignited market concerns over a slowing labor market, dampening expectations for a hawkish rate hike by the Federal Reserve (Fed) at its September meeting. Spurred by this, the US Dollar Index and US Treasury yields pulled back from high levels, while safe-haven and inflation-hedge assets saw short-term buying, pushing precious metal markets to stem losses and rebound. Although ADP serves as a bellwether for non-farm payrolls, the market will rely on official non-farm payroll data and the unemployment rate as the final basis for the Fed's September interest rate decision. If Friday's (September 4) non-farm payroll data turns out unexpectedly strong, it could trigger a short-term technical pullback in precious metals, with gold prices potentially testing the $4,000/oz mark again and silver concurrently dropping to $55/oz. Conversely, if the non-farm payroll data falls short of expectations, it will prompt the market to bet on the Fed pausing rate hikes or entering a rate-cutting cycle. As non-yielding assets, lower market rate expectations significantly reduce the opportunity cost of holding precious metals. Furthermore, a weakening labor market typically weighs on the US Dollar Index, driving gold and silver prices further toward their late-August rebound highs, with gold expected to rise to around $4,700 and silver following to around $70. Find out more ### Related Stocks - [UUP.US](https://longbridge.com/en/quote/UUP.US.md) - [SIVR.US](https://longbridge.com/en/quote/SIVR.US.md) - [GLL.US](https://longbridge.com/en/quote/GLL.US.md) - [SLV.US](https://longbridge.com/en/quote/SLV.US.md) - [ZSL.US](https://longbridge.com/en/quote/ZSL.US.md) - [UGL.US](https://longbridge.com/en/quote/UGL.US.md) - [AGQ.US](https://longbridge.com/en/quote/AGQ.US.md) - [SGOL.US](https://longbridge.com/en/quote/SGOL.US.md) - [IAU.US](https://longbridge.com/en/quote/IAU.US.md) - [GLD.US](https://longbridge.com/en/quote/GLD.US.md) - [PSLV.US](https://longbridge.com/en/quote/PSLV.US.md) - [GLDM.US](https://longbridge.com/en/quote/GLDM.US.md) - [GLDW.US](https://longbridge.com/en/quote/GLDW.US.md) - [518850.CN](https://longbridge.com/en/quote/518850.CN.md) - [GOLD.AU](https://longbridge.com/en/quote/GOLD.AU.md) - [ADP.US](https://longbridge.com/en/quote/ADP.US.md) ## Related News & Research - [PRECIOUS-Gold little changed as markets await key US inflation data](https://longbridge.com/en/news/298146831.md) - [ZAWYA: Egypt’s NIR hits record high as gold holdings jump $1.9bln in August](https://longbridge.com/en/news/298273713.md) - [PRECIOUS-Gold heads for small weekly gain with US jobs data on tap](https://longbridge.com/en/news/298018985.md) - [PRECIOUS-Gold climbs on dip buying, Fed hike bets rise after US inflation data](https://longbridge.com/en/news/298740530.md) - [Goldman continues to see net upside risk to $4,900/oz end-2026 gold forecast](https://longbridge.com/en/news/298762264.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**