Gold Holds Near $5,060 Amid Stronger U.S. Jobs Data
Gold hovered around $5,060 per ounce after trimming earlier gains, as robust U.S. labor figures tempered expectations for an immediate Federal Reserve easing, while leaving the broader policy shift intact. January nonfarm payrolls rose 130K, well above December’s revised 48K and forecasts of 70K, while the unemployment rate edged down to 4.3%. Average hourly earnings rose 0.4% month-on-month, pushing annual wage growth to 3.7%.
The stronger employment and wage data lessened the urgency for near-term rate cuts. As a result, markets pushed the next fully priced 25 bps Fed move from June to July, supporting Treasury yields and capping further gains in bullion. Despite this, gold remains near multi-week highs, underpinned by expectations of easing later in 2026 amid moderating growth, ongoing geopolitical uncertainty, and sustained central bank demand.
China’s PBoC continued its gold buying streak, providing structural support for prices. The combination of resilient labor data and persistent official and geopolitical support has created a cautious but steady foundation for gold, keeping it well-positioned even as short-term rate expectations adjust.
