The precious metal reached a record level of $3578.50 yesterday, Wednesday.

Gold stabilized on Thursday, hovering near its all-time high recorded in the previous session, supported by global uncertainty and rising expectations of a US interest rate cut, as traders await key US jobs data due this week.

Spot gold stood at $3561.97 per ounce. The precious metal hit a record level of $3578.50 yesterday, Wednesday.

US December futures for gold fell 0.4% to $3619.40.

The US Department of Labor said yesterday that job openings, a measure of labor market demand, dropped more than expected to 7.181 million in July.

Several Federal Reserve officials said concerns about the labor market continue to strengthen their belief that a rate cut is near. Fed Governor Christopher Waller said he believes the central bank should cut rates at its next meeting.

According to the CME FedWatch tool, traders currently see a 97% chance of a 25 basis point rate cut this month, up from 92% before the data release.

Attention now turns to the US nonfarm payrolls data scheduled for release tomorrow, Friday, with expectations of 78,000 job growth in August, according to a Reuters poll, compared to 73,000 in July.

As for other precious metals, silver remained mostly unchanged at $41.19 per ounce in spot trading. Platinum rose 0.2% to $1423.63, while palladium fell 0.6% to $1140.50.