Gold Prices Hold Steady as Investors Await Key US Jobs Data
Gold prices were largely unchanged on Friday as investors stayed cautious ahead of the closely watched U.S. employment report, with a stronger dollar limiting gains. Spot gold hovered at $4,473.79 per ounce, on track for a weekly rise of over 3%, after touching a record high of $4,549.71 in late December. U.S. gold futures for February edged up 0.5% to $4,483.
Market participants remained on the sidelines as uncertainty over the U.S. non-farm payrolls data weighed on sentiment. Job growth for December is expected to be modest at around 60,000, while the unemployment rate is forecast to dip slightly to 4.5%. Meanwhile, the dollar climbed to a one-month high amid anticipation of a U.S. Supreme Court ruling on President Donald Trump’s use of emergency tariff powers, making dollar-priced gold more expensive for overseas buyers.
Geopolitical tensions helped limit downside pressure on bullion, with Russia reporting the use of a hypersonic missile against Ukraine. Analysts said gold could extend its rally if supportive themes persist, with key psychological resistance seen at $5,000. Other precious metals also advanced, with silver, platinum and palladium posting strong weekly gains. Bank of America raised its 2026 price forecasts for platinum and palladium, citing supply constraints, trade disruptions and the launch of new futures contracts in China.
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