Gold held near an all-time high after a seven-day rally, as weak US data spurred more bets on an interest-rate cut by the Federal Reserve this month and mounting concerns over the central bank's independence underpinned haven demand.

Bullion for immediate delivery traded near $3,556 an ounce as markets opened on Thursday, after climbing as much as 1.3% to a new peak of $3,578.51 in the previous session. Ahead of Friday's pivotal US payrolls report, a drop in job openings to the lowest in 10 months saw traders almost fully pricing in a Fed cut this month and projecting at least two reductions in 2025. Yields on US Treasuries fell alongside the dollar, supporting gold as it does not pay interest and is priced in the US currency. 

The precious metal has gained more than a third this year, making it one of the best-performing major commodities. The latest run has been propelled by expectations the US central bank will lower rates later in September, after Fed Chair Jerome Powell last month cautiously opened the door to a cut amid signs of a softening labor market. With Friday's jobs report expected to show a fourth straight month of weak payrolls growth, investors are betting on more tailwinds for gold.

Both gold and silver have more than doubled over the past three years, with mounting risks in geopolitics, the economy and global trade driving demand for the time-honored haven assets. An escalation in President Donald Trump's attacks against the Fed this year has increased worries over the central bank's independence, as the president vowed to gain a "majority, very shortly" on the central bank and bring down interest rates. 

Read More: Trump's Attack on the Fed Fires Up Gold Bulls Betting on Crisis

Markets are also waiting for a landmark ruling on whether Trump has legitimate grounds to remove Fed Governor Lisa Cook, which could allow the president to replace her with a dovish-leaning official. At the same time, a Senate Banking Committee is set to accelerate a confirmation hearing on Trump's nomination of close adviser Stephen Miran to be a governor of the central bank. 

Gold extended gains Wednesday after Federal Reserve Governor Christopher Waller — a key contender to succeed Powell as Chair next year — said the US central bank should begin lowering interest rates this month and make multiple cuts in the coming months.

Read More: Summers Says Trump Putting Fed on Verge of ‘Credibility Crisis'

Gold's impressive performance this year has been surpassed by silver, which has gained more than 40%. Prices on Monday breached $40 an ounce for the first time since 2011.

Silver is also valued for its industrial uses in clean-energy technologies, including solar panels. Against that backdrop, the market is headed for a fifth year of deficits, according to the Silver Institute. Investors have piled into silver-backed exchange-traded funds, with holdings expanding for a seventh consecutive month in August. That's drawn down stockpiles of freely available metal in London, leading to persistent tightness in the market.

Spot gold was little changed at $3,558.48 an ounce at 7:40 a.m. in Singapore, after gaining 0.7% on Wednesday. The Bloomberg Dollar Spot Index was steady, but is up 0.4% so far this week. Silver slipped to $41.0175 an ounce, after gaining 0.8% in the previous session. Platinum and palladium declined.

Source: Bloomberg