Fundamentals

Spot gold was up 1% at US$4,966.83 per ounce by 1.27am after falling more than 3% in the previous session to a near one-week low below the key US$5,000 level.

US gold futures for April delivery gained 0.7% to US$4,985.40 per ounce.

Spot silver rose 2.1% to US$76.76 per ounce, after a 11% drop on Wednesday.

The US dollar was mostly flat against peer currencies on Thursday, holding steady after mixed signals from the latest release of US economic indicators.

A stronger dollar makes greenback-priced metals more expensive for holders of other currencies.

Data released on Wednesday showed the US job market began 2026 on firmer footing than expected, reinforcing the view that policymakers may keep rates elevated for longer.

Nonfarm payrolls rose by 130,000 jobs in January, following a downwardly revised 48,000 increase in December, while the unemployment rate edged down to 4.3%.

Initial jobless claims fell to 227,000 in the week ended Feb 7, data showed on Thursday.

Meanwhile, the Federal Reserve’s (Fed) current monetary-policy setting threatens US economic growth that otherwise is being “underwritten” by a range of Trump administration policies, including tax cuts, Fed governor Stephen Miran said yesterday as he again laid out the case for more interest-rate cuts.

Investors now await inflation data due later in the day for more cues on the Fed’s monetary policy path.

Spot platinum added 1.7% to US$2,033.15 per ounce, while palladium rose 1.4% to US$1,639.99.