Financial analysts at Kitco reported gold prices maintained stability Friday morning, trading at $2,920.1 per ounce ahead of the anticipated U.S. employment report.
The precious metal barely moved Thursday, with COMEX April futures rising just 0.02% to $2,926.6 despite dollar weakness. Gold experienced downward pressure yesterday, touching $2,891 before recovering slightly.
Short-term traders stepped back from the commodity market while awaiting today’s non-farm payrolls data. The report will likely influence Federal Reserve monetary policy decisions in coming weeks.
COMEX futures show a modest 0.07% increase this morning with unusually high trading volumes reaching 25,444 contracts. This activity signals heightened market interest before the jobs report release. Analysts expect approximately 160,000 new jobs for February.
Gold-backed ETFs continue attracting investors, recording their largest weekly inflow since March 2022. These funds added 52.4 tons valued at roughly $4.9 billion, primarily from North American investors.
Total ETF holdings now stand at 3,326 tons worth approximately $314 billion. The U.S. dollar remains near four-month lows, traditionally a supportive factor for gold prices.
Gold Prices and Market Trends
The EUR/USD trades at 1.085, strengthening from 1.06 at the year’s start. This currency dynamic helps dollar-denominated gold maintain its value.
Central banks continue their gold buying spree, adding approximately 80 tonnes in 2025’s first two months. China’s central bank purchased 15 tonnes during this period, signaling strategic asset diversification amid ongoing trade tensions.
Technical indicators reveal immediate resistance at $2,930 and support at $2,904. J.P. Morgan analysts recently updated their forecast, predicting gold will reach $2,950 by year-end. Their analysis suggests potential for $3,000 if global trade tensions escalate further.
Gold has gained nearly 11% year-to-date and 43% over twelve months. Investors now watch closely to see if today’s economic data will impact this positive trajectory or trigger new market volatility.
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