Gold ticks up after U.S. jobs report for December shows softly mixed data.
The final month for 2025 showed mixed results for the U.S. jobs market with job creation in December less than expected, while the unemployment rate fell, according to the Bureau of Labor Statistics. Nonfarm payrolls rose 50,000 in December, short of 73,000 forecast. Meanwhile, the unemployment rate fell to 4.4%, compared with the forecast for 4.5%.
The Federal Reserve closely watches both the labor market and inflation when setting monetary policy, and investors are looking for information on whether the central bank is likely to cut interest rates multiple times this year. This was the first monthly jobs report released on schedule since the federal government shutdown this fall.
Private payrolls rose less than expected last month in the monthly report from ADP on Wednesday. Companies added 41,000 jobs in December, reversing November’s loss of 29,000 but still below the consensus estimate of 48,000. Growth came entirely in services industries like education and health care and companies employing fewer than 500 workers. Separately, the weekly U.S. initial jobless claims report from the Labor Department on Thursday edged up.
February gold futures slipped $1.80 Thursday to settle at $4,460.70 an ounce on Comex, though the most-active contract increased 3% in the first four days of the week. Bullion rose 2% in December after gaining 6.5% in November and increasing 3.2% in October. It rallied 64% last year. The metal rose 27% in 2024. The February contract is currently up $37.60 (+0.84%) an ounce to $4498.30 and the DG spot price is $4497.70.
March silver futures slid 3.2% Thursday to settle at $75.14 an ounce on Comex, and the most-active contract surged 5.8% in the first four days of the week. The white metal has hit a series of record highs in recent weeks amid surging industrial demand and a recent short squeeze. Silver soared 24% in December after increasing 19% in November and rising 3.3% in October. It climbed 141% last year after rising 21% in 2024. The March contract is currently up $4.066 (+5.41%) an ounce to $79.210 and the DG spot price is $79.49.
The dollar was poised for its best week since November, adding to pressure on precious metals, which are already subject to profit taking from rallies to recent record highs. Prices for gold and other precious metals have surged on haven demand on geopolitical uncertainty. That includes the U.S ouster of Venezuelan President Nicolas Maduro over the weekend and calls by the White House to obtain Greenland from Denmark.
The U.S. Supreme Court may also rule as early as Friday on whether President Donald Trump can impose tariffs on other countries, adding to the uncertainty.
But investors are shifting their focus to the U.S. economy and the upcoming jobs data, particularly what it may signal about the Fed’s next moves. The Fed reduced interest rates for a third consecutive time last month to 3.50% to 3.75%.
About 95% of investors are betting that the Fed will keep interest rates unchanged at the next policy meeting at the end of January, according to figures tracked by the CME FedWatch Tool. About 5% expect another 25 basis point cut. The central bank began raising interest rates in March 2022 to fight inflation, ultimately imposing increases of by 5.25 percentage points before beginning rate cuts in 2024.
Spot palladium rose 0.3% Thursday to $1,766.50 an ounce and gained 7.4% so far this week. Palladium increased 11% last month after adding 0.5% in November and rising 14% in October. Palladium gained 74% last year after dropping 17% in 2024. Currently, the DG spot price is up $115.70 an ounce to $1862.00.
Spot platinum decreased 1.5% Thursday to $2,252.60 an ounce and rallied 5.4% so far this week. It surged 22% in December after climbing 4.7% in November and rising 1% in October. Platinum increased 122% in 2025 after losing 8.4% in 2024. The DG spot price is currently up $42.50 an ounce to $2310.00.
Disclaimer: This editorial has been prepared by Dillon Gage Metals for information and thought-provoking purposes only and does not purport to predict or forecast actual results. This editorial opinion is not to be construed as investment advice or a recommendation regarding any particular security, commodity, or course of action. Opinions expressed herein cannot be attributable to Dillon Gage. Reasonable people may disagree about the events discussed or opinions expressed herein. In the event any of the assumptions used herein do not come to fruition, results are likely to vary substantially. It is not a solicitation or advice to make any exchange in commodities, securities, or other financial instruments. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisers with respect to these areas. By posting this editorial, you acknowledge, understand, and accept this disclaimer.