Institution: NFP data dampens rate cut expectations, weighing on gold prices
Feb 12, 2026
Gold prices edged lower in early trading, with New York gold futures holding steady below the $5,100.00 level. Stronger-than-expected U.S. non-farm payroll data and a drop in the unemployment rate have dampened market expectations for a near-term rate cut by the Federal Reserve.
"The renewed focus on the latest economic data suggests that the market is gradually normalizing after the recent increase in volatility. At the same time, the upcoming Chinese New Year holiday may further dampen risk appetite and liquidity," said Saxo Bank analysts.
