Gold prices rose more than one per cent yesterday, as steady long-term buying helped the metal regain momentum after briefly paring gains while markets absorbed a strong US jobs report.
Spot gold was up 1pc at $5,074.29 per ounce, having earlier touched $5,118.47 before easing slightly.
US gold futures for April delivery settled 1.3pc higher at $5,098.50 per ounce.
US job growth accelerated in January and the unemployment rate fell to 4.3pc, signalling labour-market resilience that could give the Federal Reserve room to hold rates steady while it monitors inflation.
“One strong jobs report won’t dent the mentality behind gold buying which is considered long-term and fundamental,” said Tai Wong, an independent metals trader.
“Since the big collapse, gold has shown mostly higher highs and higher lows, with buyers still confident amid the debt and divest-from-the-US narrative.”
Gold suffered sharp two-day sell-offs on January 30 and February 2 after US President Donald Trump announced his pick for the Fed chair.
But the metal has still gained more than 17pc this year, building on last year’s record advance amid rising geopolitical and economic uncertainty and increased central bank purchases.
&uuid=(email))