Gold rises as dollar slips, focus turns to US jobs data

Spot gold rose 1.2percent to USD5,018.56 per ounce by 9:30 a.m. ET (1430 GMT), extending a 4percent rally from Friday.

US gold futures for April delivery also gained 1.3percent to USD5,042.20 per ounce.

The US dollar fell 0.8percent to a more than one-week low, making greenback-priced bullion cheaper for overseas buyers. “The big mover today (in gold prices) is the US dollar,” said Bart Melek, global head of commodity strategy at TD Securities, adding that expectations are growing for weak economic data, particularly on the labor front. Investors are closely watching this week’s release of US non-farm payrolls, consumer prices and initial jobless claims for fresh signals on monetary policy, with markets already pricing in at least two rate cuts of 25 basis points in 2026.

US non-farm payrolls are expected to have risen by 70,000 in January, according to a Reuters poll. Lower interest rates tend to support gold by reducing the opportunity cost of holding the non-yielding asset.

Meanwhile, China’s central bank extended its gold buying spree for a 15th month in January, data from the People’s Bank of China showed on Saturday.

“The debasement trade continues, with ongoing geopolitical risks driving people into gold,” Melek said, adding that China’s purchases have had a psychological impact on the market. Spot silver climbed 2.9percent to USD80.22 per ounce after a near 10percent gain in the previous session.

It hit an all-time high of USD121.64 on January 29. Spot platinum was down 0.2percent at USD2,092.95 per ounce, while palladium was steady at USD1,707.25.

“A slowdown in EV sales hasn’t really materialized despite all the policy softening, so I do see that platinum and palladium will possibly slow down,” after a bullish run in 2025, WisdomTree commodities strategist Nitesh Shah said.

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