Gold Holds Steady as Investors Await U.S. Employment Data

Gold prices were largely flat on Friday, with investors exercising caution ahead of the U.S. nonfarm payrolls report for December 2025, due at 13:30 GMT. Spot gold was steady at $4,473.79 per ounce, while U.S. February gold futures rose 0.5% to $4,483 per ounce.

Despite muted trading on Friday, gold is set for a more than 3% weekly gain, continuing its upward momentum after hitting a record high of $4,549.71 on December 26, 2025.

“Gold remains in standby mode as investors wait on the sidelines ahead of the U.S. jobs report… geopolitics has limited downside losses while an appreciating dollar capped upside gains,” said Lukman Otunuga, senior research analyst at FXTM.

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U.S. Jobs Data and Dollar Strength Influence Gold

Analysts expect nonfarm payrolls to have increased by around 60,000 jobs in December, with the unemployment rate easing to 4.5%, according to a Reuters survey.

Meanwhile, the U.S. dollar climbed to a one-month high, partly in anticipation of an upcoming Supreme Court decision on President Donald Trump’s emergency tariff powers. A stronger dollar tends to weigh on gold prices because it makes dollar-denominated bullion more expensive for overseas investors.

Otunuga added:

“Gold could rally further if the current bullish themes remain intact. Key milestone levels may include $5,000 for gold, while silver bulls could be eyeing $100.”

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Silver, Platinum, and Palladium Also Post Gains

Other precious metals saw strong weekly gains:

• Spot silver rose 1.4% to $77.97 per ounce, on track for a more than 7% weekly increase.
• Platinum climbed 1.7% to $2,305.39 per ounce, following a record $2,478.50 last Monday.
• Palladium surged 4.4% to $1,864.68 per ounce.

BofA Global Research cited several factors supporting the market, including:

• Trade dispute disruptions
• Headwinds affecting primary supply
• Launch of new Platinum Group Metals (PGM) futures contracts in China

As a result, the bank raised its 2026 average price forecasts for platinum and palladium, signaling continued investor optimism for industrial metals.

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Precious Metals Market Outlook

The precious metals market remains influenced by a mix of economic data, geopolitical events, and currency movements. Key drivers in the near term include:

• U.S. employment data and potential Federal Reserve policy signals
• Dollar strength and global currency fluctuations
• Geopolitical tensions, including Russia’s recent firing of a hypersonic missile at Ukraine

Analysts suggest that, while gold and other metals are poised for weekly gains, investor caution is likely to persist until major economic data releases clarify the outlook for U.S. growth and inflation.