Gold prices rose above $5,000 per ounce on Monday, the highest level in over a week, supported by a weaker US dollar as traders awaited key US economic data that could offer clearer insights into the Federal Reserve’s interest rate outlook. The January jobs report, scheduled for Wednesday and expected to show signs of stabilization in the labor market, as well as inflation data due on Friday, will be closely watched. San Francisco Fed President Mary Daly said last Friday that it may be necessary to cut rates once or twice to address weakening labor market conditions. In addition, China’s central bank extended its gold purchases for the 15th consecutive month in January, signaling sustained institutional demand. On the geopolitical front, markets are keeping an eye on US-Iran talks, with both sides agreeing to continue discussions this week to ease tensions and avoid a military confrontation.
