Gold, precious metals rise as softer US jobs data boost Fed rate cut bets

Gold and other precious metals rose on Thursday after U.S. private payroll data ‍showed job openings fell to a 14-month low in November, reinforcing bets for Federal Reserve rate ⁠cuts, though gains were capped by a firmer dollar and higher yields.

FUNDAMENTALS

* Spot gold added 0.1% to $4,456.98 per ounce as of 0119 GMT. Bullion hit a record high of $4,549.71 on December 26.


* ‌U.S. gold futures ‌for February delivery also firmed 0.1% to $4,465.70.

* The dollar held steady near a more than two-week high amid market ‌positioning around several U.S. labour market data releases this week.

* The benchmark 10-year U.S. Treasury yield was up from the one-week low hit on Wednesday.

* U.S. job openings dropped to a 14-month low in November, per JOLTS data, while hiring resumed its sluggish pace, pointing to ebbing demand for labour amid policy uncertainty related to import tariffs.

* Investors currently expect at least two Fed rate ‌cuts this year, while ‍they look to the non-farm payrolls data on Friday for ‍more clues.

* Elsewhere, the U.S. seized two Venezuela-linked oil tankers in ‌the Atlantic Ocean on Wednesday, one sailing under Russia's flag, as part of President Donald Trump's aggressive push to dictate oil flows in the Americas.

* Non-yielding assets tend to do well in a low-interest-rate environment and during geopolitical or economic uncertainties.

* HSBC, meanwhile, has forecast silver will trade between $58 and $88 an ounce in 2026, driven by tight physical supply, robust investment and high gold ‍prices, but warned of a market correction later in the year as supply constraints ease.

* Spot silver lost 0.7% to $78.70 per ounce, ‍after hitting an ⁠all-time high of $83.62 on ⁠December 29.

* Spot platinum rose 0.2% to $2,311.55 per ounce, after scaling a record peak of $2,478.50 last Monday.

* Palladium advanced 0.8% to $1,779.0 per ounce.

DATA/EVENTS (GMT)

0700 Germany Industrial Orders MM Nov

0700 Germany Manufacturing O/P Cur Price SA Nov

0700 Germany Consumer Goods SA Nov

0700 UK Halifax House Prices MM Dec

0700 UK Halifax House Prices YY Dec

0745 France Reserve Assets Total Dec

0800 EU Consumer Confid. Final Dec

0800 EU Unemployment Rate Nov

0800 Germany Overall Comprehensive Risk Q1

0800 France Overall Comprehensive Risk Q1

0800 UK Overall Comprehensive Risk Q1

1330 US International Trade $ Oct

1330 US Initial Jobless Clm 3 Jan