Gold steady after three-day gain with US payrolls in focus

Spot gold was little changed at $2 669.98 an ounce at 8:34 a.m. in Singapore, while silver traded above $30 an ounce on course for a second weekly gain.

Gold steadied after a three-day advance as traders waited for the release of US payrolls figures that’ll help to shape the outlook for Federal Reserve policy this year.

Bullion for immediate delivery traded near $2 670 an ounce, set for a gain of more than 1% in the first full trading week of the year.

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The payrolls data for December are expected to show moderating yet still-healthy job growth that economists expect to carry on in 2025. Fed officials have signaled they’ll likely hold interest rates at current levels for an extended period, only cutting again when inflation meaningfully cools. Lower rates tend to benefit the non-yielding metal.

Gold was one of the strongest performing major commodities last year, logging a 27% gain and setting successive records as the Fed cut rates, central banks boosted their holdings, and investors sought a haven from geopolitical tensions. With US President-elect Donald Trump due to take office on January 20, investors are also weighing the likelihood of a potential trade war or other tensions that could disrupt markets and boost haven demand.

Bullion’s rise this week has come despite further strength in the US dollar and Treasury yields, both of which can act as headwinds. With traders scaling back expectations for Fed rate cuts in the first half, a gauge of the greenback is poised to eke out a sixth weekly gain. Ten-year yields, meanwhile, are trading near the highest since April.

Spot gold was little changed at $2 669.98 an ounce at 8:34 a.m. in Singapore, while silver traded above $30 an ounce on course for a second weekly gain. Palladium gained, and platinum was slightly weaker.

© 2025 Bloomberg

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