Futures contracts for gold closed close to stability this Tuesday (16), recovering from the losses observed at the start of the session after the publication of the payroll. The jobs report showed continued deterioration in the U.S. labor market, but to a lesser extent than in previous months, fueling a rush for safe assets. The metal is still trading in a narrow range and close to its all-time highs.
On the Comex, the metals division of the New York Mercantile Exchange (Nymex), gold futures for February delivery closed down 0.07%, at US$4,332.3 per troy ounce.
Payrolls showed the opening of 64,000 jobs in November, above the consensus of 45,000, but the loss of 105,000 jobs in October, which virtually wiped out September’s gains of 108,000. The unemployment rate reached 4.6% in November. These data, although justifying the latest reductions by the Federal Reserve (Fed), have not moved the lines of monetary policy for the January meeting, for which the consensus still points towards maintaining interest rates.
Lombard Odier professionals, however, see a positive scenario for gold next year. If the Fed cuts interest rates, falling Treasuries and a weak dollar could support investor demand. Furthermore, the asset should benefit from portfolio diversification, in a context of possible renewed tariff uncertainties, with the judgment on the validity of the rates imposed by the Donald Trump administration being scheduled for January next year.
“Overall, artificial intelligence, inflation, growth and geopolitical risks will continue to be key themes throughout 2026. Commodities are expected to continue to play a role in inflation protection and tactical positioning, with gold serving as an attractive portfolio anchor amid current uncertainties,” said Luca Bindelli, head of investment strategy at the Swiss bank.
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