Gold Prices Soar Above $4,200 Amid Safe-Haven Demand
Gold prices are fluctuating sharply on October 3, 2026, making domestic prices difficult to predict. According to Vietnam.vn, gold prices rose above $4,200 per ounce due to rising safe-haven demand amid a slowdown in US labor market growth.
The US Bureau of Labor Statistics reported that non-agricultural jobs increased by only 29,000 last month, lower than expected, and the unemployment rate edged up to 4.2%. Analysts at Capital.com believe that strong employment figures would increase the likelihood of the Fed tightening monetary policy and putting downward pressure on gold prices.
However, the FedWatch tool indicates a 26% probability of a rate hike this month, down from 70% earlier in the week. The likelihood of a rate hike in December remains high at 80%. Gold prices are sensitive to US interest rate adjustments, and rising rates strengthen the US dollar while reducing the attractiveness of non-yielding assets like gold.
Bank of America analysts predict that gold prices will fall below $4,000 per ounce in the fourth quarter due to persistently high energy prices. They note that a conflict involving Iran remains a major obstacle and could lead to a sharp decline in gold prices if investors and traders quickly close their positions.