By Antonio Di Giacomo, Senior Market Analyst at XS.com
Gold remains firm on January 9, 2026, consolidating around the $4,500 per ounce level, in a session shaped by the market’s reaction to U.S. labor data. The precious metal has posted a weekly gain of more than 4%, after recently reaching a record high near $4,550, reflecting strong structural demand for defensive assets.
The primary focus was on the Non-Farm Payrolls report, which showed job creation of around 50,000 positions in December, well below market expectations. This slowdown reinforces the perception that the labor market is beginning to lose momentum, a scenario that typically supports gold by reducing pressure to keep interest rates elevated for an extended period. However, the unemployment rate declined to 4.4%, a level that remains low by historical standards. This figure adds balance to the report’s interpretation, suggesting that the U.S. economy still maintains a solid labor base, limiting more aggressive short-term upside reactions in gold.
Another relevant element was wage behavior, with annual wage growth around 3.8%, indicating some persistence in wage pressures. This factor supports a cautious stance from the Federal Reserve. It contributes to episodes of U.S. dollar strength, which can temporarily act as a headwind to the precious metal’s advance.
Despite this, gold has managed to hold elevated levels, even during sessions in which the dollar showed resilience. This behavior suggests that safe-haven demand remains active, driven by macroeconomic uncertainty and a geopolitical environment that continues to generate volatility across financial markets.
From a technical and flow perspective, the market has also been influenced by adjustments and rebalancing within commodity indices, generating sharp intraday moves. In recent sessions, gold has swung $30 to $50 per ounce, reflecting an environment highly sensitive to macroeconomic developments.
Looking ahead, gold’s performance will remain closely tied to how the market interprets the balance between employment, inflation, and monetary policy. As long as data confirm a gradual cooling without an abrupt deterioration, the metal could remain near its highs, albeit with periods of consolidation and volatility.
In conclusion, gold is navigating a key moment at the start of 2026, trading around $4,500 per ounce and supported by mixed signals from the U.S. labor market. Slower job creation supports a constructive bias for the metal, while low unemployment and firm wages temper immediate upside momentum. In this environment, gold continues to play a safe-haven role while remaining highly sensitive to macroeconomic data, making it one of the most closely watched assets in the market.