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Gold prices were largely unchanged in Asian trading on Friday as investors remained cautious ahead of key U.S. labor market data due later in the day, while the precious metal stayed on course for solid weekly gains supported by ongoing U.S.-Venezuela tensions.
Spot gold was little changed at $4,474.20 an ounce by 02:06 ET, while U.S. gold futures eased 0.3% to $4,483.60 an ounce. Despite the muted session, bullion was on track to post a weekly gain of more than 3%, after surging earlier in the week following a U.S. military operation in Venezuela that resulted in the capture of President Nicolás Maduro.
Dollar Strength, Jobs Data Keep Traders Cautious
Gold’s upside was capped by a firmer U.S. dollar, with the dollar index hovering near a one-month high. A stronger greenback typically weighs on bullion by making it more expensive for holders of other currencies.
Market participants were reluctant to take aggressive positions ahead of the closely watched U.S. nonfarm payrolls report, which is expected to provide fresh insight into the health of the labor market and the Federal Reserve’s policy outlook. The data could influence expectations around the timing and scale of future interest rate cuts.
Traders are increasingly pricing in at least two additional U.S. rate cuts in 2026, following the Federal Reserve’s easing move in December. Lower interest rates tend to support gold by reducing the opportunity cost of holding non-yielding assets.
Geopolitical Risks Continue to Support Bullion
Lingering geopolitical uncertainty linked to Venezuela continued to underpin safe-haven demand. While the U.S. Senate has advanced measures aimed at limiting further military action, President Donald Trump has indicated that U.S. oversight of the situation could last for years, raising the prospect of a prolonged standoff.
This backdrop helped gold rally sharply at the start of the week, with prices consolidating in recent sessions as traders balanced geopolitical risks against macroeconomic factors.
Other Metals Advance
Other metals traded higher on Friday. Silver rose 0.4% to $77.23 per ounce, while platinum also gained 0.4% to $2,275.60 an ounce. Palladium outperformed, jumping 5% to $1,872.50 an ounce.
In industrial metals, benchmark copper futures on the London Metal Exchange climbed 1.3% to $12,867.20 a ton, while U.S. copper futures advanced 1% to $5.86 a pound.
