On Friday, the precious metals market saw significant gains, with gold soaring by 1% to set a new record high, fueled by the latest release of nonfarm payrolls data from the United States.
Despite the February jobs report surpassing analysts’ expectations, the unemployment rate edged up to 3.9%. Moreover, the initially reported January job gains of 353,000 were significantly revised downward to 229,000. This revision casts doubt on the previously perceived strength of the labor market and bolsters speculation that the Federal Reserve might commence loosening its monetary policy in the near future.
At 8:39 am ET, gold prices climbed 1.01%, reaching $2,180.50, after peaking at an unprecedented $2,182.27. Following closely, silver prices increased by 0.82%, trading at $24.53. Platinum also saw a rise, gaining 0.43% to trade at $924.82, while palladium experienced a 0.86% increase, selling at $1,031.75.
This surge in precious metals prices reflects growing investor inclination towards safe-haven assets amid uncertainties surrounding the US labor market and anticipation of potential shifts in Federal Reserve policy.