AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

1/9/2026: Gold rises after soft jobs data

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 0.9% to close above $4,490 after slower-than-forecast job growth reinforced expectations for additional monetary easing from the Fed in 2026. Bullion finished the week 4.1% higher. Silver surged 5.6% to finish at $78.88, posting a weekly rise of 11.8%.

The US economy added 50,000 jobs in December, according to the BLS nonfarm payrolls report, falling short of the 60,000 projected by most economists, and totals for November were revised down to 56,000 from the initial report of 64,000.

There is no doubt that the labor market is stuck. Only 584,000 jobs were added in 2025, averaging 49,000 per month, after 2 million jobs were added in 2024, averaging 168,000 per month. The decrease is widely attributed to the unpredictable operating environment for businesses because of ever-changing trade policies.

The Fed has repeatedly emphasized in recent month that supporting the supporting the labor market has been the driving force behind its three straight rate cuts of 25 basis point last fall. Further cuts are expected in 2026, and the December jobs report does nothing to change this outlook.

Still, with the unemployment rate ticking down to 4.4% in December from 4.5% in November despite softer job growth, the Fed is expected to wait and see for now.

The dollar added 0.2% against major rivals as on the growing likelihood that the Fed sit tight this month. Fed fund futures traders put the odds of a January rate cut at just 5%.

Benchmark 10-year Treasury yields slipped on flight to safety as investors weighed growing risks of geopolitical uncertainty—the same motivator behind the rising gold price. Falling yields lift gold by decreasing the opportunity cost for holding it instead of bonds.

The US capture of Venezuelan President Maduro, its increasing rhetoric of taking control of Greenland, the continued fighting between Russia and Ukraine, and the growing unrest in Iran are all whetting appetite for safe havens.

Platinum rose 1.8% today and 7.2% this week. Palladium added 4.5% for a weekly jump of $14.4%.

At the New York spot close: gold gained $40.60 to $4,490.30; silver rose $4.17 to $78.88; platinum picked up $41.35 to $2,278.30; and palladium climbed $78.70 to $1,603.70 an ounce.