Gold continues to be supported by expectations of dovish monetary policy from the Federal Reserve, economic uncertainty, and geopolitical tensions, said ActivTrades analyst Ricardo Evangelista.
Although non-farm payrolls increased by 64,000 jobs, the US unemployment rate rose to 4.6% in November, its highest level since September 2021.
The market is awaiting key US inflation data this week, with the Consumer Price Index due on Thursday and Personal Consumption Expenditures on Friday.
Last week, the Federal Reserve delivered its third and final quarter-point interest rate cut of the year, and Chairman Jerome Powell's comments were seen as less aggressive than expected. Traders are predicting two 25 basis point cuts by 2026.
Non-yielding assets like gold typically perform well in a low interest rate environment. On the geopolitical front, U.S. President Donald Trump on Tuesday ordered a "blockade" of all sanctioned oil tankers entering and leaving Venezuela.
Platinum rose 3.8% to $1,920.71, its highest in more than 17 years, while palladium rose 1.9% to $1,634.29, its highest in two months.
"The entire white metals sector is surging in parallel, and the European Union's plan to lift its ban on internal combustion engines by 2035 is clearly providing a significant boost to the sector," Norman added. (alg)
Source: Reuters.com
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