Gold prices climbed to a four-week high on Thursday, supported by a weaker dollar and growing anticipation around the U.S. Nonfarm Payrolls report due Friday. Spot gold advanced 0.4% to $1,950.80 per ounce, while U.S. gold futures settled at $1,953.10. The dollar’s retreat has enhanced gold’s appeal as an alternative asset, further buoying investor sentiment.
Traders are closely monitoring the jobs report for insights into the Federal Reserve’s next moves. A weaker-than-expected payrolls figure could bolster expectations of a policy pause, driving more demand for gold as a hedge against economic uncertainty. However, robust employment data might rekindle fears of rate hikes, tempering the recent rally.
With recession concerns lingering and central bank policy in flux, gold’s momentum underscores its enduring role as a safe haven, even as markets remain cautious ahead of key economic indicators.
