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Focus shifts to U.S. jobs data, due on Friday

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Gold hit record high of $3,546.99/oz earlier in the

session

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SPDR Gold Trust holdings rise 1.32% on Tuesday

(Updates for Asia midday session)

By Brijesh Patel

Sept 3 (Reuters) - Gold prices extended their record run

on Wednesday, as persistent market uncertainty and growing

investor confidence that the U.S. Federal Reserve will cut

interest rates this month lifted demand for the safe-haven

metal.

Spot gold was up 0.1% at $3,537.76 per ounce, as of

0448 GMT, after hitting an all-time of $3,546.99 earlier in the

session. U.S. gold futures for December delivery gained

0.3% to $3,603.50.

Adding to market uncertainty and potential trade tensions,

U.S. President Donald Trump's administration said it will ask

the Supreme Court for an expedited ruling on tariffs that a U.S.

appeals court found illegal last week.

"The Supreme Court decision has seemingly introducing a lot

of uncertainty into the market because they could radically

change what the macro landscape looks like if these decisions

don't go the president's way," said Ilya Spivak, head of global

macro at Tastylive.

"The attempt at compromising Fed independence to some

extent, that's a very big deal as well. The bias for gold is

very clearly higher, momentum here seems rather one-sided."

Trump has been exerting relentless pressure on the Fed to

cut interest rates and publicly discussed firing Fed Chair

Jerome Powell.

Upping this battle, Trump last month attempted to fire Fed

Governor Lisa Cook, setting off a critical legal test over the

Fed's ability to function without political interference.

U.S. rate futures are pricing in a 92% chance of a

25-basis-point Fed rate cut at the end of the two-day policy

meeting on September 17, according to CME Group's FedWatch tool.

Non-yielding gold typically performs well in a

low-interest-rate environment.

SPDR Gold Trust, the world's largest gold-backed

exchange-traded fund, said its holdings rose 1.32% to 990.56

tons on Tuesday, the highest since August 2022.

Investors are now looking forward to the U.S. non-farm

payrolls data, due on Friday, to determine the size of the Fed's

potential rate cut later this month.

Elsewhere, spot silver eased 0.4% to $40.74 per

ounce, after hitting its highest point since September 2011 in

the previous session. Platinum edged 0.1% lower to

$1,401.59 and palladium rose 1.5% to $1,146.75.