Gold prices hovered around $3,370 per ounce on Tuesday after a three-day gain, supported by growing expectations of a US interest rate cut in September. Traders are now pricing in a 94.4% chance that the Federal Reserve will cut rates next month, following a soft jobs report that raised concerns about the US economic outlook. San Francisco Fed President Mary Daly said Monday that the time for rate cuts is approaching, given mounting evidence of a cooling labor market and no signs of persistent tariff-driven inflation. Bullion also got support from renewed concerns over the Fed’s independence after Governor Adriana Kugler’s resignation last Friday, which gives President Donald Trump an opportunity to nominate a replacement more aligned with his calls for lower interest rates. Trump’s latest wave of tariffs on exports from dozens of trading partners, set to take effect on August 7, is also boosting the metal’s safe-haven appeal.