Gold and other precious metals saw a slight rise on Thursday, influenced by a drop in U.S. job openings reaching a 14-month low. This data strengthened expectations for Federal Reserve rate cuts, though a strong dollar and rising yields tempered the gains. Investors are paying close attention to the non-farm payrolls report set for Friday, looking for further insights into market trends. Spot gold rose by 0.1% to $4,456.98 per ounce as of 0119. Bullion hit an all-time high of $4,549.71 on December 26. U.S. gold futures for February delivery rose by 0.1% to $4,465.70.
The dollar held steady near a two-week high as market participants adjusted their positions in anticipation of upcoming U.S. labor market data releases this week. The benchmark 10-year U.S. Treasury yield rose from the one-week low hit on Wednesday. U.S. job openings dropped to a 14-month low in November, based on JOLTS data, while hiring persisted at a sluggish rate, suggesting a decrease in labor demand amid ongoing policy uncertainty regarding import tariffs. Investors are looking forward to at least two rate cuts from the Federal Reserve this year, as they prepare for the non-farm payrolls data on Friday for further insights.
Elsewhere, the U.S. seized two oil tankers linked to Venezuela in the Atlantic Ocean on Wednesday, one flying Russia’s flag, as part of President Donald Trump’s strong strategy to impact oil distribution in the Americas. Non-yielding assets typically show strong performance in settings marked by low interest rates and times of geopolitical or economic instability. HSBC has projected that silver will trade within a range of $58 to $88 per ounce by 2026, influenced by limited physical supply, strong investment demand, and elevated gold prices. The bank warned of a possible market correction later in the year as supply constraints are anticipated to ease.
Spot silver decreased by 0.7% to $78.70 per ounce, after hitting a high of $83.62 on December 29. Spot platinum rose by 0.2% to $2,311.55 per ounce, after reaching a record high of $2,478.50 the previous Monday. Palladium rose by 0.8%, reaching a price of $1,779.0 per ounce.