Gold Price Today, Friday, October 3: Gold Nears $3,900 as U.S. Shutdown Halts Jobs Data and Investors Eye More Rate Cuts
Gold Prices Hold Strong Around Record Highs
Gold prices continued to climb on Friday, October 3, with futures trading near $3,900 per ounce, according to market data reviewed by El-Balad. The precious metal opened at $3,880.40, marking a 1.1% rise from Thursday’s close of $3,839.70. Earlier this week, gold touched an all-time high of $3,891.90, underscoring the strong momentum that has dominated markets in recent months.
The rally has been driven by lower U.S. interest rates and growing economic uncertainty. Since the start of 2025, gold prices have gained an impressive 46.8% — up from $2,642.80 recorded on October 3 last year.
U.S. Jobs Report Delayed Amid Federal Shutdown
The September employment report from the Bureau of Labor Statistics has been postponed due to the ongoing federal government shutdown. The delay leaves investors without a key economic indicator used to gauge the health of the labor market following the Federal Reserve’s quarter-point rate cut in September.
Economists now rely on private forecasts, which estimate that the U.S. economy added around 51,000 jobs in September, with the unemployment rate holding steady at 4.3%.
Despite the uncertainty, markets continue to price in two additional interest rate cuts in 2025, which could bring the federal funds rate down to a range of 3.50%–3.75%. For comparison, the rate began the year between 4.25% and 4.50%.
Why Lower Interest Rates Boost Gold
Gold traditionally benefits when interest rates fall, as lower yields make non-interest-bearing assets like gold more appealing. The metal’s performance in recent months highlights how investor sentiment has shifted toward safe-haven assets amid concerns about global growth and policy uncertainty.
| Gold Price Snapshot | Value (USD per ounce) | Change |
|---|---|---|
| Wednesday High | $3,891.90 | +1.5% |
| Friday Opening | $3,880.40 | +1.1% |
| 1-Week Gain | — | +2.8% |
| 1-Month Gain | — | +9.2% |
| 1-Year Gain | — | +46.8% |
Retail Interest in Gold Soars — Even at Costco
As gold continues to attract attention, retail demand is also rising. Major retailers like Costco have expanded their offerings to include gold bars, silver coins, and platinum bars — making it easier for everyday consumers to invest in precious metals.
Costco first introduced gold bars in 2023, followed by silver and platinum products in the subsequent year. The growing availability of such options has allowed more investors to diversify their portfolios beyond traditional stocks and bonds.
Analysts Expect Gold’s Rally to Continue
Market analysts remain bullish on gold for the remainder of 2025. Goldman Sachs Research recently forecasted that prices could reach $3,700 per troy ounce by the end of the year, citing strong central bank demand and uncertainty surrounding U.S. trade and tariff policies.
Historically, gold has experienced extended cycles of growth and correction. After a major upswing from 2009 to 2011, prices stagnated for nearly a decade before surging again in 2025. Investors seeking stability during economic downturns often maintain a portion of their portfolio in gold to offset risk.
Gold Price Outlook
As of 5:31 AM EDT, COMEX gold traded at $3,967.40 per ounce, up 1.50% on the day. With strong demand, easing interest rates, and a paused jobs report heightening market uncertainty, gold may continue its steady climb in the weeks ahead.
For those tracking the market, live gold prices and historical charts are available around the clock — offering valuable insights for both short-term traders and long-term investors.
