Gold prices surged on Friday, January 9, 2026, reversing early losses after weaker-than-expected U.S. December nonfarm payrolls data bolstered bets for Federal Reserve rate cuts. Spot gold climbed 0.71% to $4,508.80 per ounce, securing a roughly 3.8% weekly gain despite a firmer U.S. dollar and commodity index rebalancing pressures . U.S. payrolls rose by just 50,000 against forecasts of 60,000, with unemployment easing to 4.4% .
Safe-haven buying intensified amid geopolitical tensions, higher oil prices, and policy uncertainty, as noted by TD Securities' Bart Melek. The U.S. Dollar Index edged above 99, up 0.14%, typically pressuring gold but offset by rate-cut expectations . Annual Bloomberg Commodity Index rebalancing triggered selling from passive funds after gold's 74.5% 2025 rally .
Silver led gains at 3.79% to $79.84 per ounce, eyeing an 8.8% weekly rise, fueled by industrial demand and supply deficits . Platinum dipped 0.31% to $2,260 amid volatility, while palladium rose 1.81% to $1,802 . Bank of America lifted 2026 forecasts for platinum and palladium on supply tightness .
In India, 24K gold traded at ₹13,931 per gram (₹1,39,310 per 10g) on January 10, up amid global strength . Central banks added 45 tons in November, with China buying for 14 months straight; analysts eye $5,000/oz highs in 2026 . Metals Focus cites de-dollarization and risks as key drivers.
