Gold Surges, Trading Above $5,000 Per Ounce

Gold extended gains on Monday, trading just above the $5,000-per-ounce mark as the U.S. dollar weakened. Spot gold rose 1.3% to $5,026.04 per ounce, following a 4% jump on Friday. U.S. gold futures for April delivery increased 1.4% to $5,046.10 per ounce. Investors are closely awaiting a key U.S. labour market report later this week to gauge interest rate trends.

Analysts said bargain-hunting and the weaker dollar helped gold climb above $5,000. KCM chief analyst Tim Waterer noted that the advance is cautious ahead of upcoming jobs data. The U.S. dollar hit its lowest level since February 4, making metals cheaper for overseas buyers.

Investors are also watching Federal Reserve signals closely. San Francisco Fed President Mary Daly said one or two more interest rate cuts may be needed. Market expectations point to at least two 25-basis-point rate cuts in 2026, starting in June. Non-yielding bullion like gold tends to benefit in low-interest-rate environments.

Read more: PSX Market Surges After New Trade Deal With US

Silver also rose, climbing 4.3% to $81.11 per ounce after a near 10% gain in the previous session. The metal hit an all-time high of $121.64 on January 29. Meanwhile, platinum edged 0.2% lower to $2,091.54 per ounce, while palladium gained 1% to $1,723.37.

Global developments remain influential for precious metals. Iran’s Foreign Minister Abbas Araqchi said recognition of uranium enrichment is key to nuclear talks with the U.S. Indirect talks were held in Oman amid U.S. naval deployments near Iran, highlighting ongoing geopolitical risks.