Gold Rises To Record High On Soft US Jobs Data, Iran Tensions

Gold rose to a record high after US jobs data left expectations for additional US interest-rate cuts intact, while intensifying protests in Iran kept geopolitical tensions elevated.

Bullion climbed above $4,564 an ounce early on Monday after last week’s US employment report showed job growth was below forecasts last month, supporting bets the Federal Reserve will continue cutting borrowing costs to support the economy. Silver also traded just shy of a all-time peak.

Markets have priced in at least two cuts this year, after the Fed delivered three consecutive reductions in the second half, aiding gold which doesn’t pay interest.

Deadly protests in Iran increased the haven appeal of precious metals, with the possibility that the Islamic Republic could be overthrown injecting uncertainty into geopolitics and oil markets.

Gold just emerged from a record-setting year, where almost every tailwind supporting the precious metal combined, from falling interest rates and heightened geopolitical tension, to lower trust in the US dollar. More than a dozen money managers said they’ve opted not to take too much money off the table, holding conviction in bullion’s long-term appeal.

Gold rose 1.1% to $4,561.12 an ounce as of 8:23 a.m. Singapore time. The Bloomberg Dollar Spot Index dipped 0.1. Silver climbed 2.7%, after surging nearly 10% last week. Palladium and platinum advanced.

The US Supreme Court, meanwhile failed to weigh in on Trump’s tariffs, setting Wednesday for the next opinion. A ruling against the tariffs would undercut his signature economy policy and deliver his biggest legal defeat since returning to the White House.