Gold prices extended rises on Monday, trading just above the $5,000-per-ounce mark, as the U.S. dollar weakened and investors awaited key labour market data to gauge the future trajectory of interest rates.
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Spot gold rose 1.3% to $5,026.04 per ounce by 0333 GMT, following a 4% gain on Friday. U.S. gold futures for April delivery climbed 1.4% to $5,046.10 per ounce. Analysts attributed the rise to bargain-hunting and a softer dollar, which makes dollar-denominated metals cheaper for overseas buyers.
Gold rose beyond $5,000 an ounce for the first time, extending a breakneck rally fueled by US President Donald Trump’s reshaping of international relations and investor flight from sovereign bonds and currencies. https://t.co/TofO0e6jp2
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“Overall, gold is making an advance today, albeit a circumspect one with key jobs data on deck this week,” said Tim Waterer, chief analyst at KCM. “Bargain-hunting is pushing gold back above the $5,000 level.”
The U.S. dollar hit its lowest level since February 4, supporting demand for non-yielding bullion. San Francisco Federal Reserve President Mary Daly noted last week that one or two interest rate cuts may be needed to address weakness in the labour market. Investors currently expect at least two 25-basis-point rate reductions in 2026, with the first anticipated in June.
Market watchers are focusing on the delayed January U.S. nonfarm payrolls report, now scheduled for release on Wednesday, for further insight into the Federal Reserve’s monetary policy direction. Waterer added that any softness in the jobs report could support gold’s rebound, although a rate cut is not expected before mid-year unless the data shows a sharp decline.
Other precious metals saw mixed performance. Spot silver jumped 4.3% to $81.11 per ounce after a near 10% surge in the previous session, while platinum edged 0.2% lower to $2,091.54 per ounce. Palladium gained 1% to $1,723.37.
Read More: Gold surges past $5,200 as dollar slides to four-year low
Meanwhile, in unrelated news affecting global markets, Iranian Foreign Minister Abbas Araqchi said recognition of Iran’s right to enrich uranium is key for reviving nuclear talks with the U.S., following indirect diplomatic meetings in Oman.