Gold prices were little changed on Tuesday as investors absorbed a wave of U.S. economic releases, looking for signals on the future direction of Federal Reserve interest rate policy.
At 09:05 ET (14:05 GMT), spot gold edged up 0.1% to $4,309.57 per ounce, while February gold futures also gained 0.1% to $4,340.50 an ounce.
The precious metal has climbed sharply over the past week, supported by the Federal Reserve’s recent interest rate cut and relatively dovish messaging. Safe-haven demand has also been bolstered by rising concerns about a slowdown in China’s economy and lingering strains in U.S. liquidity conditions.
Silver prices eased slightly, with spot silver down 0.1% at $63.510 after notching multiple record highs in recent sessions. Elsewhere in the metals complex, platinum stood out, jumping more than 2% to a fresh 14-year high of $1,860.10 an ounce. Meanwhile, benchmark copper futures on the London Metal Exchange slipped 0.4% to $11,634 per ton.
U.S. labor data sends mixed signals
U.S. employment data released Tuesday showed stronger-than-expected job creation in November, though the unemployment rate also rose slightly more than forecast. The figures had been delayed due to a record-length federal government shutdown.
According to the Bureau of Labor Statistics, nonfarm payrolls increased by 64,000 last month, exceeding expectations for a 50,000 gain. At the same time, the unemployment rate edged up to 4.6% in November, compared with economists’ projections of 4.5%.
The jobs report arrives just ahead of the release of November consumer price index data on Thursday, which markets will scrutinize closely for evidence that inflation pressures are easing.
Labor market conditions and inflation remain the Federal Reserve’s primary inputs for policy decisions, with officials recently reiterating that future moves will be guided by incoming data.
Lower interest rates tend to favor non-yielding assets such as gold and silver. Both metals have posted strong gains so far in 2025 as U.S. borrowing costs declined, while heightened uncertainty around the world’s largest economy has further underpinned safe-haven demand.
ANZ sees gold above $5,000 in 2026
Analysts at ANZ said they expect gold prices to surpass $5,000 an ounce in 2026, driven by stronger demand for safe assets amid mounting concerns over fiscal sustainability in developed economies.
“The bullish case remains intact for gold and silver in H1 2026. Easing monetary policy, fiscal concerns, geopolitical risk and waning trust in US assets continue to support investment in real assets,” ANZ analysts said in a note.
They added that a weakening global growth outlook, renewed trade tensions, and questions around the Federal Reserve’s independence as Chair Jerome Powell’s term comes to an end all contribute to a broadly constructive outlook for gold.
However, the analysts cautioned that after an exceptional rally in 2025, gains are likely to slow next year, with price increases expected to fall in the range of 12% to 15% during 2026.