Gold prices flat as caution sets in ahead of US employment report
Saturday, 10 January 2026
Gold prices were largely steady on Friday, as caution before key US employment data kept investors from making big moves, with dollar strength limiting upside momentum, reports Reuters.
Spot gold was steady at $4,473.79 per ounce as of 1158 GMT, though it was set for a more than 3 per cent weekly gain. Bullion hit a record high of $4,549.71 on December 26. US gold futures for February delivery firmed 0.5 per cent to $4,483.
"Gold remains in standby mode as investors wait on the sidelines ahead of the US jobs report this afternoon... geopolitics has limited downside losses while an appreciating dollar capped upside gains," said Lukman Otunuga, senior research analyst at FXTM.
Nonfarm payrolls probably increased by 60,000 jobs last month, while the unemployment rate eased to 4.5 per cent, a Reuters survey estimated.
The US dollar climbed to a one-month high as markets braced for an approaching Supreme Court decision on President Donald Trump's use of emergency tariff powers. A stronger dollar makes greenback-priced bullion more expensive for other currency holders. On the geopolitical front, the Russian military said it had fired its hypersonic Oreshnik missile at a target in Ukraine.
"Gold could rally further if the current bullish themes remain intact. The same can be said for silver... a key milestone level for gold may be the $5,000 level, while silver bulls could be eyeing $100," Otunuga added.
Spot silver gained 1.4 per cent to $77.97 per ounce and was on track to log a more than 7 per cent weekly rise.
Spot platinum rose 1.7 per cent to $2,305.39 per ounce after scaling a record of $2,478.50 last Monday. Palladium climbed 4.4 per cent to $1,864.68 per ounce. Both metals were set for weekly gains as well.
BofA Global Research citied dislocations from trade disputes, headwinds to primary supply and, more recently, the launch of new PGM (Platinum Group Metals) futures contracts in China as factors supporting the market as they hiked their forecasts for platinum and palladium.