Gold holds gains post-NFP data; prices near all-time highs

## Gold Holds Steady as Fresh U.S. Jobs Data Provides Mixed Signals on Fed Policy

Global financial markets absorbed a wave of incoming U.S. economic statistics on Tuesday, providing stability to gold prices as investors attempted to decipher the Federal Reserve’s anticipated trajectory for interest rates.

Spot gold registered a marginal increase of 0.1%, settling at $4,309.57 per ounce by 09:05 ET (14:05 GMT). Gold futures for February delivery similarly edged up by 0.1%, reaching $4,340.50/oz. This relative calm follows a week of substantial gains across the precious metals complex, fueled primarily by a recent rate reduction and softer, more accommodating guidance issued by the central bank. Additional support for safe-haven assets has stemmed from emerging investor concern over potential Chinese economic weakness and ongoing liquidity challenges within the U.S. financial system.

### Delayed BLS Report Reveals Strong Job Creation

The Bureau of Labor Statistics (BLS) released the November employment report, which had been postponed due to a record-long federal government shutdown. The report indicated a resilient labor market, finding that Nonfarm Payrolls expanded by 64,000 positions last month. This figure significantly surpassed the consensus forecast of 50,000.

However, the report offered a somewhat nuanced picture of labor market health. Despite the robust job creation, the national unemployment rate slightly accelerated, ticking up to 4.6% in November—marginally above economists’ projection of 4.5%.

### Policy Focus and Upcoming CPI

As the Federal Reserve maintains its commitment to a data-driven approach, policymakers weigh both labor market resilience and price stability when considering adjustments to policy. The release of the jobs figures arrives only two days before the highly anticipated Consumer Price Index (CPI) report for November is due on Thursday. This inflation data will be critical for investors seeking definitive signs that inflationary pressures are easing.

Generally, lower interest rates enhance the attractiveness of non-yielding assets like gold and silver. Both metals have recorded exceptional performance through 2025 as U.S. rates declined, with heightened uncertainty surrounding the world’s largest economy providing further buoyancy to safe-haven demand.

### Broader Metals Complex and Long-Term Forecasts

While gold stabilized, other metals experienced varied performance. Spot silver eased slightly by 0.1% to $63.510, retreating marginally after having achieved a series of record peaks over the preceding week.

Platinum, however, was a significant outlier, surging by more than 2% to reach an over 14-year high of $1,860.10 per ounce. Conversely, benchmark copper futures on the London Metal Exchange (LME) dipped by 0.4% to $11,634.0 a ton.

Looking further ahead, analysts at ANZ maintain a strongly optimistic perspective on the future trajectory of gold. Citing growing uncertainty over the fiscal health of developed economies, they forecast that increased safe-haven demand could push gold prices beyond the $5,000 per ounce mark by 2026.

According to a recent ANZ note, “The bullish case remains intact for gold and silver in the first half of 2026.” They cite a confluence of supporting factors, including easing monetary policy, intensifying fiscal concerns, geopolitical risk, and waning confidence in traditional U.S. assets, all of which favor investments in real assets.

The analysts also pointed to deteriorating projections for global growth, renewed international trade tensions, and concerns surrounding the Federal Reserve’s institutional independence as Chair Jerome Powell’s term concludes. While acknowledging these widespread bullish drivers, ANZ suggests that after the spectacular rally seen throughout 2025, the rate of appreciation for gold is likely to moderate in 2026, anticipating gains to fall within a range of 12% to 15%.