Gold prices today
Gold prices fluctuated during Wednesday's trading, but tended to rise, settling near $5,050 per ounce, thus maintaining their position above the important psychological barrier of $5,000.
This performance comes amid widespread anticipation among investors ahead of the release of US labor market data, which could have a direct impact on the yellow metal's trajectory in the coming period.
Despite the current relative stability, gold is still about $550 below its recent historic high of nearly $5,600 per ounce, following a wave of sharp volatility in the markets in recent weeks. This indicates that the market is still in a phase of correction and assimilation of previous movements.
US jobs data in the spotlight
Today, all eyes are on the January non-farm payrolls report released by the US Bureau of Labor Statistics, with expectations pointing to the addition of only about 55,000 new jobs, a figure that reflects a significant slowdown in the labor market compared to previous months.
This potential slowdown may reinforce speculation that the Federal Reserve may move towards cutting interest rates in the coming period. It is well known that lower interest rates reduce the opportunity cost of holding gold, which is an asset that does not generate a fixed return, and this usually supports higher prices.
US inflation data
Investors are also awaiting inflation data (consumer price index) scheduled for release on Friday.
If the data shows a decline in inflation coupled with a weak labor market, pressure on the Fed to start a cycle of interest rate cuts could increase, which could be positive for gold.
If the data comes in stronger than expected, the yellow metal could see a new wave of volatility.
Silver rises but remains below record levels
In terms of other precious metals, silver prices rose during today's trading, settling above $80 an ounce after a relative recovery following a sharp sell-off that followed a historic high at the end of January.
Despite this recovery, silver remains significantly below its record high of $120 per ounce, but it has shown clear resilience as the overall performance of the metals markets has improved.
What distinguishes silver from gold is its link to industrial demand, particularly in sectors such as electronics and solar energy, which means that its movements are influenced not only by monetary policy, but also by economic data and global industrial activity.
Overview and near-term outlook
At present, both gold and silver appear to be in a clear state of anticipation, with traders waiting for clearer signals from January's US jobs data, followed by inflation data.
This data is likely to be the deciding factor in determining the next direction for the two metals, whether it be further gains, which is the most likely scenario at this point, or a new wave of correction.
