Gold prices were mixed on Thursday after stronger-than-expected January jobs data dented expectations for near-term interest rate cuts, while investors awaited Friday’s inflation figures for further signals on monetary policy.
5,094.20 -4.30 (-0.08%)
As of 4:18:30 GMT-5. Market open.
Gold futures (GC=F) slipped 0.1% to $5,092.30 a troy ounce, while spot prices rose 0.4% to $5,075.28 at the time of writing.
Christopher Wong, a strategist at OCBC, said: “The stronger jobs report leading to a slight pare back in Fed rate-cut expectations may have played a role in gold’s lacklustre move.”
US job growth unexpectedly accelerated in January and the unemployment rate fell to 4.3%, though the largest increase in payrolls in 13 months likely overstates the labour market’s strength. Revisions showed the economy added 181,000 jobs in 2025 rather than the previously estimated 584,000.
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“Sensitivity to the dollar, yield repricing, and uncertainty around Fed policy should continue to pose two-way risks for gold in the interim,” Wong added.
Investors are now awaiting weekly jobless claims data due later on Thursday and inflation figures on Friday for further guidance on the Federal Reserve’s policy path.
Oil prices rose on Thursday morning as investors weighed escalating tensions between the US and Iran, amid concerns that any attack on Tehran or disruption to shipping routes could hit supplies.
Brent crude (BZ=F) futures gained 0.4% to $69.69 a barrel, while West Texas Intermediate (CL=F) rose 0.4% to $64.91 at the time of writing.
Prices moved higher after US president Donald Trump said on Wednesday, following talks with Israeli prime minister Benjamin Netanyahu, that no definitive agreement had been reached on next steps regarding Iran, although he stressed that negotiations with Tehran would continue.
A day earlier, Trump indicated he was considering deploying a second aircraft carrier to the Middle East if a deal with Iran fails to materialise, even as both sides prepared to resume discussions. US and Iranian officials held indirect talks in Oman last week, but details of the timing and location of the next round have yet to be confirmed.
“The resilient US economy is also supporting oil (BZ=F, CL=F) demand expectations,” Mingyu Gao, chief researcher for energy and chemicals at China Futures, told Reuters.
A sustained break above a $65–$66 level would require further escalation in the Middle East, while any de-escalation could quickly trigger profit-taking back toward $60-$61 in WTI, IG analyst Tony Sycamore said.