Gold set for weekly gain on US payrolls miss, broader uncertainty

Gold prices rose on Friday and were on track for a weekly gain, as investors weighed weaker-than-expected US payrolls data along with broader policy and geopolitical uncertainty.

Spot gold was up 0.5% at USD 4,496.09 per ounce as of 01:31 p.m. ET (1618 GMT), and was set for about 3.9% weekly gain. Bullion hit a record high of USD 4,549.71 on December 26.

US gold futures for February delivery settled 0.9% higher at USD 4,500.90.

US nonfarm payrolls in December rose by 50,000, missing expectations of a 60,000 gain, while the unemployment rate eased to 4.4%, below forecasts of 4.5%.

“Payrolls are showing us a poor job creation environment. Potentially more (geopolitical tension), somewhat higher oil prices, which are inflationary, uncertainty, and an easing Fed — all a combination for precious metals,” said Bart Melek, global head of commodity strategy at TD Securities.

Market participants continued to factor in at least two Federal Reserve rate cuts this year, a backdrop historically favorable for gold.

Geopolitical tensions remained elevated amid intensifying unrest in Iran, continued fighting in Russia’s war in Ukraine, the US capture of Venezuela’s President Nicolas Maduro, and Washington’s renewed signals of taking control of Greenland.

Metals Focus projected gold prices could hit fresh record highs above USD 5,000 in 2026, citing de-dollarization trends and geopolitical risks.

Retail demand for gold in India remained subdued due to elevated prices, while gold premiums in China widened.

Meanwhile, uncertainty over tariffs persisted, as the US Supreme Court is not expected to issue a ruling on Friday in a major case testing the legality of President Donald Trump’s sweeping global tariffs, with decisions now expected on January 14.

Spot silver gained 3.5% to USD 79.56 per ounce and was on track to log an about 9.7% weekly rise.

Spot platinum rose 0.8% to USD 2,284.50 per ounce. Palladium climbed 1.6% to USD 1,814.93 per ounce. Both metals were set for weekly gains as well.

Bank of America raised its 2026 average platinum and palladium price forecasts, citing dislocations from trade disputes amid physical market tightness, while China’s imports add support.

(Reporting by Anmol Choubey in Bengaluru; Editing by Nia Williams)