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

Gold and other precious metals rose on Thursday (Jan 8) after US 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 US dollar and higher yields.

Spot gold added 0.1 per cent to US$4,456.98 per ounce as at 9.19 am. Bullion hit a record high of US$4,549.71 on Dec 26.

US gold futures for February delivery also firmed 0.1 per cent to US$4,465.70.

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

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

US 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 US seized two Venezuela-linked oil tankers in the Atlantic Ocean on Wednesday, one sailing under Russia’s flag, as part of US 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.

SEE ALSO

HSBC, meanwhile, has forecast silver will trade between US$58 and US$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 per cent to US$78.70 per ounce, after hitting an all-time high of US$83.62 on December 29.

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

Palladium advanced 0.8 per cent to US$1,779.0 per ounce. REUTERS

Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.