Gold prices edged higher for the week due to safe-haven inflows and a weaker-than-expected US job growth report. Spot gold rose 1.7% so far this week, while US gold futures settled 0.4% lower. The news came as President Trump’s tariff policies fueled uncertainty. The Labor Department reported 151,000 jobs added in February, below the expected 160,000. The unemployment rate stood at 4.1%. Fed Chair Jerome Powell said the economy is “in a good place” and the Federal Reserve will take a cautious approach to monetary policy easing.
Safe-haven demand for gold supported prices, despite higher interest rates potentially dampening its appeal as an inflation hedge. The market is currently pricing 76 basis points of Fed rate cuts by year-end, starting in June. China continued its gold purchases for the fourth consecutive month in February. Silver fell 0.8% to $32.35 an ounce, while platinum shed 0.6% to $960.70 and palladium edged up 0.4% to $946.15.
Source: https://www.reuters.com/markets/commodities/gold-eases-eyes-weekly-gain-us-payrolls-data-tap-2025-03-07