Gold prices traded mostly unchanged during Asian hours on Friday, as investors remained cautious ahead of closely watched U.S. jobs data due later in the day. Despite the subdued session, bullion stayed on course for solid weekly gains, supported by ongoing tensions between the United States and Venezuela.
Spot gold was little changed at $4,474.20 per ounce by 02:06 ET (07:06 GMT), while U.S. gold futures slipped 0.3% to $4,483.60.
Gold was heading for a weekly advance of more than 3%, after surging earlier in the week following a U.S. military operation in Venezuela that led to the capture of President Nicolas Maduro.
U.S. Jobs Data in Focus as Dollar Firms
The precious metal faced some pressure from a stronger U.S. dollar, with the U.S. Dollar Index hovering near a one-month high. A firmer dollar typically weighs on gold prices, as it raises costs for buyers using other currencies.
Markets were firmly focused on the upcoming U.S. nonfarm payrolls report, which is expected to provide clearer signals on labor market conditions and the future policy direction of the Federal Reserve. The uncertainty surrounding the data kept traders cautious ahead of the release.
Investors are increasingly factoring in the possibility of two additional U.S. interest rate cuts in 2026, following the Fed’s rate reduction in December. Lower interest rates tend to support gold, as the non-yielding metal becomes more attractive when borrowing costs fall.
Geopolitical Risks Continue to Support Gold
Safe-haven demand remained underpinned by lingering geopolitical tensions between Washington and Caracas. Gold prices spiked at the start of the week before consolidating in recent sessions.
Attention also remained on developments in Washington, where the U.S. Senate voted to advance measures aimed at limiting further military action in Venezuela.
However, President Donald Trump said U.S. oversight of the situation in Venezuela could extend for years, reinforcing concerns over a prolonged geopolitical standoff that may continue to support bullion prices.
Broader Metals Market Sees Gains
Other precious and industrial metals also moved higher on Friday.
Silver prices rose 0.4% to $77.23 per ounce, while platinum gained 0.4% to $2,275.60 per ounce. Palladium outperformed, jumping 5% to $1,872.50 per ounce.
In industrial metals, benchmark copper futures on the London Metal Exchange climbed 1.3% to $12,867.20 per ton, while U.S. copper futures advanced 1% to $5.86 per pound.
