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macroJul 3, 2026, 8:52 AM

TD Securities Sees Gold Heading to $4,280 as Fed Rate Hike Odds Diminish

TD Securities' Bart Melek says weaker US jobs data and reduced chances of a 2026 Fed rate hike have pushed gold above $4,100 per ounce, with a near-term target of $4,280 and support at $3,900.

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TD Securities analyst Bart Melek notes that gold has formed a higher trading range after weaker US jobs data and declining odds of a Fed rate hike in 2026.

The bank reports that gold has already moved above $4,100 per ounce and expects the metal to trend toward $4,280/oz in the near term. Key support is seen near $3,900/oz.

Melek attributes the rally to reduced Federal Reserve tightening risks following softer labor market data, which has diminished the probability of a rate increase next year.

Source: FXStreet Forex News