Gold prices maintained their recent uptick following a five-day rally, supported by expectations of continued economic stimulus and cautious market sentiment ahead of key U.S. employment data. Silver also advanced, reaching levels not seen in nearly seven years.
- Gold held near $2,430 per ounce after a five-day rally
- Silver hit $34.80 per ounce, its highest since January 2018
- Central banks added over 1,100 metric tons of gold since 2020
- Gold ETF holdings rose by 42 tons in one week
- VanEck Gold Miners ETF gained 1.8% over the past week
- U.S. November nonfarm payrolls report to be released Friday at 8:30 a.m. EST
Gold held steady near recent highs after a five-day consecutive rally, with spot prices trading close to $2,430 per ounce. The precious metal extended gains as investors adjusted positions ahead of the U.S. November nonfarm payrolls release, due for publication on Friday. Market participants are closely monitoring the data for signals on inflation trends and Federal Reserve policy direction, which could influence the timing of rate cuts. Silver surged to $34.80 per ounce, marking its highest level since January 2018, driven by renewed demand from industrial and investment sectors. The metal’s rally coincided with a broader safe-haven move, as geopolitical tensions and lingering concerns over global growth weighed on risk assets. Gold’s resilience reflects strong physical demand, particularly from central banks in Asia and emerging markets, which have increased gold reserves by over 1,100 metric tons since 2020. The broader implications of the data depend on whether job creation exceeds expectations. A strong report could delay rate cuts and strengthen the U.S. dollar, pressuring gold. Conversely, weaker-than-expected numbers could reinforce dovish Fed rhetoric and bolster gold as a hedge against inflation and currency depreciation. The U.S. Bureau of Labor Statistics will release the November employment report at 8:30 a.m. EST. Investors are also watching exchange-traded funds (ETFs) tracking gold. Gold-backed ETF holdings rose by 42 tons in the past week, signaling increasing institutional confidence in the asset’s long-term appeal. Meanwhile, mining stocks tied to gold and silver posted gains, with the VanEck Gold Miners ETF up 1.8% over the same period.