Gold Steadies After Five-Day Rally As Investors Await Jobs Data

Gold steadied after five days of gains, with investors focused on a raft of US data this week that should offer clues to the Federal Reserve's appetite for further interest-rate cuts.

Bullion was trading near $4,305 an ounce – within $80 of an all-time high set in October – after the Fed's third reduction in borrowing costs boosted its appeal. Policymakers have since offered conflicting views over the need for more rate cuts in 2026.

US economic readings this week will go some way to filling a data void created by a six-week government shutdown. Delayed monthly employment numbers are due on Tuesday, with economists projecting a 50,000 increase in payrolls and a 4.5% unemployment rate — consistent with a sluggish, but not rapidly deteriorating, labor market.

Even moderate weakness in US non-farm payroll numbers would bolster the case for more rate cuts, Morgan Stanley & Co. strategist Michael Wilson said in a note. Lower rates are typically a positive for gold, which doesn't pay interest. Several Fed officials are expected to speak throughout the week and inflation numbers are due Thursday.

Gold has surged nearly 65% this year and silver has more than doubled, with both metals on track for their best annual performances since 1979. The scorching rallies have been underpinned by elevated central-bank buying and a retreat by investors from sovereign bonds and currencies. Holdings in gold-backed exchange-traded funds have risen every month this year except May, according to the World Gold Council.

Gold was little changed at $4,305.30 an ounce as of 8:07 a.m. in Singapore. It hit an all-time high of $4,381.52 in late October. Silver edged down 0.2% to $63.94, having hit a record of $64.6573 on Friday. Platinum and palladium fell slightly. The Bloomberg Dollar Spot Index was down 0.1%.