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Gold prices climbed on Friday, heading for a weekly gain as investors reacted to weaker-than-expected U.S. payroll data and ongoing geopolitical and policy uncertainty. Spot gold traded at around $4,496 per ounce, on track for nearly a 4% gain over the week, following a record high of $4,549 hit in late December.
U.S. Jobs Data Impact
U.S. nonfarm payrolls in December rose by 50,000, below expectations of 60,000, while the unemployment rate eased to 4.4%, slightly better than forecasts. The data reinforced expectations of at least two Federal Reserve rate cuts this year, creating a historically favorable backdrop for gold.
Geopolitical Factors
Tensions remain high globally, with unrest in Iran, ongoing conflict in Ukraine, and developments in Venezuela contributing to uncertainty. These factors, combined with continued discussions around U.S. trade policies, support demand for safe-haven assets like gold.
Market Outlook
Analysts project gold could reach new record highs above $5,000 in 2026, driven by geopolitical risks and de-dollarization trends. Retail demand in India has been subdued due to high prices, while premiums in China have widened.
Other Precious Metals
Silver gained 3.5% to $79.56 per ounce, on track for a nearly 10% weekly increase.
Platinum rose 0.8% to $2,284 per ounce.
Palladium climbed 1.6% to $1,815 per ounce. Both metals are set for weekly gains, supported by market tightness and ongoing trade-related disruptions.
Key Takeaways
Gold and other precious metals benefit from weaker U.S. jobs data and expectations of Fed easing.
Geopolitical tensions and policy uncertainty continue to drive demand for safe-haven assets.
Market participants are closely monitoring developments for potential further volatility.
