Gold Heads for Weekly Gains as Markets Await US Jobs Data
Gold rises as markets anticipate jobs data and interest rate decisions.
Translated by Qiyas from الراي — Original source
Gold prices recorded a slight rise at the start of Asian market trading on Friday, heading for weekly gains, as investors await the release of the U.S. non-farm payrolls report later today to gather new indicators on the path the Federal Reserve (the U.S. central bank) will take regarding interest rates.
Spot gold rose 0.4 percent to $4,103.55 per ounce by 00:23 GMT, on track to achieve weekly gains of 5.9 percent so far. U.S. December gold futures settled at $4,112.80.
The number of Americans filing new claims for unemployment benefits fell to its lowest level in 57 years last week, reflecting the resilience of the labor market, although uncertainty stemming from the prolonged conflict in the Middle East is limiting hiring.
According to the CME’s “Fed Watch” tool, traders currently price in a 71 percent probability that the U.S. central bank will raise interest rates in December.
Higher interest rates typically increase the opportunity cost of holding the non-yielding precious metal, thereby reducing its appeal to investors.
The Bank of England raised interest rates on Thursday for the first time in more than three years, signaling the possibility of at least one additional increase if tensions between the United States and Iran persist.
Meanwhile, Goldman Sachs on Thursday lowered its year-end 2026 gold price forecast to $4,150 per ounce from $4,650, citing the repercussions of the more hawkish monetary policy stance adopted by the U.S. central bank over recent months.
In other precious metals, spot silver rose 0.5 percent to $52.01 per ounce, platinum showed little change at $1,517.20, and palladium held steady at $1,031.01. All three metals are heading for weekly gains.
