Gold traded around $2,910 per ounce on Friday, remaining close to record highs as investors reacted to weaker-than-expected jobs data. The latest nonfarm payroll report showed the U.S. economy added 151,000 jobs in February, slightly missing expectations of 160,000.
Gold little-changed after US jobs report
At the same time, the unemployment rate unexpectedly rose to 4.1%, while wage growth ticked up to 4%, indicating persistent inflationary pressures despite the slowdown in job creation. Additional job-related data revealed a surge in layoffs to a high not seen since 2020, although jobless claims fell more than expected last week, signaling a mixed labor market picture. This uncertainty contributed to gold’s appeal as a safe-haven asset, with the precious metal on track for a 1.8% weekly gain.
Trade policies shift sustained gold prices
Gold has been supported not only by concerns over the U.S. labor market but also by shifting global trade policies that continue to create uncertainty. While President Donald Trump temporarily paused the 25% tariffs on most goods from Canada and Mexico, Canada's retaliatory tariffs remain in place, maintaining tensions between the two countries. Additionally, China’s tariffs are set to take effect next week, further intensifying trade-related worries. These developments have fueled concerns about global economic stability, with investors seeking refuge in gold as a hedge against potential volatility. As geopolitical and economic uncertainties persist, gold remains a strong beneficiary, attracting both traders and investors looking for a safe store of value.
