Washington, September 3 /BNA/ – Gold prices surged sharply during Wednesday’s trading, continuing gains for the seventh consecutive session, reaching a new record high amid growing expectations that the Federal Reserve (US central bank) will cut interest rates later this month.

Gold for September delivery closed at $3,593.20 per ounce, up $43.80 or 1.23%, while silver for September delivery rose by 47.10 cents or 1.15% to $41.542 per ounce.

This rise follows a ruling by a US appeals court declaring illegal the tariffs imposed by former US President Donald Trump on several trading partners, as the US administration prepares to appeal the ruling before the Supreme Court.

On the economic data front, the Job Openings and Labor Turnover Survey showed a decline in the number of job vacancies in the United States to 7.2 million in July, compared to a peak of 12.1 million in March 2022. Layoffs increased slightly, while the number of Americans quitting their jobs remained around 3.2 million.

This decline reflects the loss of momentum in the US labor market this year, due to the continued effects of 11 interest rate hikes in 2022 and 2023 aimed at curbing inflation, in addition to the repercussions of trade wars.