Gold Edges Higher as Dollar Weakens Ahead of U.S. Jobs Report

Credit: Reuters

Spot gold rose 1.9% to $5,056.21 per ounce by 01:35 p.m. ET (1835 GMT), extending a 4% rally from Friday.

U.S. gold futures for April delivery settled 2% higher at $5,079.40 per ounce.

The U.S. dollar fell 0.8% to a more than one-week low, making greenback-priced bullion cheaper for overseas buyers.

"The big mover today (in gold prices) is the U.S. 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 U.S. nonfarm 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.

U.S. nonfarm 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.

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.

"Consistent central-bank demand, with China at the epicentre, has become both an important stabilizing force and a market bellwether," said Eugenia Mykuliak, Founder and Executive Director of B2PRIME Group, adding that steady official buying is increasingly putting a structural floor under the market.

Spot silver climbed 6.3% to $82.86 per ounce after a near 10% gain in the previous session. It hit an all-time high of $121.64 on January 29.

Silver remains elevated as a large supply deficit means even modest investor demand on retail side or anywhere could deepen shortages, draw down stocks and volatility might return at even a higher price, Melek said.

Spot platinum was up 0.8% at $2,112.56 per ounce, while palladium gained 1.3% to $1,727.75.

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