Gold futures held steady near $3,590 per ounce on Monday, close to record highs, following a weak US jobs report on Friday that raised expectations of a Federal Reserve rate cut later this month. The US economy added fewer jobs than expected in August, while unemployment rose to its highest level since 2021, signaling a softening labor market. Traders now assign a 90% chance of a 25bps cut at the upcoming Fed meeting. The metal’s appeal is further supported by concerns over the Fed’s independence as President Donald Trump continues to interfere with the central bank. Elsewhere, the People’s Bank of China increased its gold holdings for a 10th straight month in August as it continues to diversify its reserves away from the US dollar. On the trade front, the Trump administration on Friday moved to exempt gold, along with some metals, from its country-based tariffs.