AGE Daily Gold Update

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

3/6/2026: Gold rises on weak jobs data

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 1.6% to close above $5,230 after extremely weak jobs data revived hopes for further rate cuts while the escalating US war on Iran stoked safe-haven buying. Bullion still lost 1.6% for the week after five straight weekly gains. Silver rose 2.6% today but shed 1.1% this week.

The US economy lost 92,000 jobs in February, driving the unemployment rate up to 4.4%. The unexpected weak payrolls report, coming just as the Iran war fuels sharply higher energy prices and inflation expectations, complicates the outlook for further rate cuts from the Fed.

President Trump declared that the US is not negotiating with Iran and will settle for nothing less than unconditional surrender. Meanwhile, Israel—acting with the US—intensified its bombardment Iran and Lebanon, focusing on Beirut's southern suburbs.

US benchmark WTI crude soared another 12% to more than $90 a barrel as shipping through the Strait of Hormuz, chokepoint for 20% of the global oil supply, has come to a near-total halt. Gold often trades in sympathy with oil as a hedge against energy related inflation.

The dollar fell 0.3% against major rivals as other safe-haven currencies rebounded but still enjoyed its best week in over a year, pressuring gold by making it more expensive overseas.

Platinum rose 1.7% today but fell 1% this week. Palladium added 1.3% for a weekly decline of 3.3%.

At the New York spot close: gold gained $80.80 to $5,146.10; silver rose $2.13 to $83.82; platinum picked up $36.80 to $2,144.85; and palladium added $21.75, to $1,641.95 an ounce.