Gold hit a fresh record on Monday, bolstered by an unexpectedly weak US employment report that saw wagers increase on the Federal Reserve cutting interest rates.

Gold stocks gained in premarket trading on Monday. Harmony Gold, Hecla Mining, Anglogold Ashanti, and Gold Fields rose 3%; Eldorado and Kinross rose 2%; Barrick Mining rose 1%.

Bullion rose around 0.5% to more than $3,604 an ounce, narrowly higher than the previous record set on Friday when it rallied as much as 1.5%. A pivotal US payrolls report showed a slowdown in hiring, while unemployment increased to the highest level since 2021.

That saw swaps traders boost bets on interest rate cuts, and they are now pricing almost three reductions for the rest of this year. Lower borrowing costs tend to increase the appeal of non-yielding gold, which has also seen support from strong haven demand amid concerns over the US central bank’s future.

Looking ahead, renewed rate cut hopes will face tests this week from a benchmark revisions for US jobs data on Tuesday and US producer and consumer inflation prints on Wednesday and Thursday. Traders will also watch how the market absorbs auctions of 3-, 10-, and 30-year Treasuries.

Trump’s administration also moved on Friday to exempt gold bullion, along with some metals, from his country-based tariffs. The measure formalizes a plan to exempt gold bars from tariffs, after a US Customs and Border Protection ruling weeks ago stunned traders and caused confusion by indicating bullion would be subject to import taxes.