Gold Climbs as Safe-Haven Demand Builds Ahead of U.S. Jobs Report
Gold prices extended their weekly gains on Friday as investors sought the safety of precious metals ahead of the U.S. Nonfarm Payrolls report and amid renewed geopolitical uncertainty in the Middle East. Spot gold climbed above $4,300 per ounce, supported by a softer U.S. dollar earlier in the week and growing concerns over potential disruptions to global shipping routes following fresh tensions around the Strait of Hormuz. The metal is now on track for its strongest weekly performance since January.
Demand for safe-haven assets has increased as markets balance geopolitical risks with uncertainty surrounding Federal Reserve policy. Investors believe a weaker-than-expected payrolls report could strengthen the case for a less aggressive Fed, reducing pressure on non-yielding assets such as gold. At the same time, elevated inflation expectations and persistent geopolitical risks continue to support long-term demand for bullion despite higher Treasury yields.
Gold Price Technical Analysis
From a technical standpoint, gold remains firmly within an established uptrend after breaking above key resistance earlier this week. Prices continue to trade above both the 20-day and 50-day EMAs, while the RSI remains in bullish territory without signaling extreme overbought conditions. Immediate resistance is located around $4,350, with a successful breakout potentially opening the door toward fresh record highs. Initial support is seen near $4,250, followed by stronger buying interest around the 20-day EMA. Unless the U.S. jobs report delivers a major upside surprise, the broader technical outlook continues to favor the bulls.
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