English
Gold on track for weekly gains as US jobs data weakens
Gold prices rose on Friday, January 9, and were headed for weekly gains as investors assessed weaker-than-expected US jobs data and broader political and geopolitical uncertainty.
Spot gold rose 0.2% to $4,485.73 per ounce and was on track for a weekly gain of about 3.8%. The precious metal hit a record high of $4,549.71 on December 26.
US gold futures for February delivery rose 0.5% to $4,483.
Non-farm payrolls in the United States rose by 50,000 jobs in December, falling short of expectations of a 60,000 increase, while the unemployment rate fell to 4.4%, below the anticipated 4.5%.
The dollar also strengthened in early Asian trading as investors awaited the latest US jobs report and a Supreme Court ruling on President Donald Trump's use of emergency powers to impose tariffs.
Bart Melek, global head of commodity strategies at TD Securities, said, "The payrolls show a weak job creation environment.
There's likely to be further geopolitical tensions and somewhat higher oil prices, leading to inflation and uncertainty, and the Federal Reserve's shift towards a more accommodative stance, all of which create a supportive mix for precious metals."
The CME Group's FedWatch tool showed that traders continue to expect at least two interest rate cuts from the US Federal Reserve this year.
As for other precious metals, spot silver rose 2% to $78.42 and is on track for a weekly gain of about 8.8%.
Spot platinum climbed 1% to $2,290.20 an ounce, and palladium rose 2% to $1,831.18 an ounce. Both metals are also headed for weekly gains.
