Gold up over 1% as investors look past strong US jobs report, focus turns to inflation

Gold prices climbed more than 1% on Wednesday (February 11, 2026, US time), as sustained long-term investment demand helped bullion regain momentum after a brief pullback when markets digested stronger-than-expected US employment data.

Spot gold rose 1.25% to $5,085.93 an ounce at 4.08pm in New York (4.08am Thursday in Bangkok), after earlier touching a session high of $5,118.47 before easing slightly. US gold futures for April delivery settled 1.6% higher at $5,112.60 an ounce.

US non-farm payrolls for January rose by a stronger-than-expected 130,000, while the unemployment rate fell to 4.3%, signalling continued labour-market strength. That could give the Federal Reserve room to keep interest rates unchanged as it monitors inflation.

“One strong jobs report alone won’t shake the case for buying gold, which is seen as a long-term investment based on fundamentals,” said independent metals trader Tai Wong.

He added that since the sharp sell-off, gold has largely returned to a pattern of “higher highs and higher lows”, as investors remain confident amid debt concerns and a gradual shift away from US assets.

Gold suffered steep losses over two sessions on January 30 and February 2 after US President Donald Trump announced his preferred candidate for the next Fed chair. Even so, gold is still up more than 17% so far this year, following last year’s record rally, supported by heightened geopolitical and economic uncertainty and increased central-bank buying.

US data released on Tuesday showed retail sales were unexpectedly flat in December, which may indicate consumer spending and the economy are slowing as the new year begins.

A Reuters poll suggested the Fed will keep rates unchanged until the end of Chair Jerome Powell’s term in May, before beginning cuts in June. Economists also warned that monetary policy under Kevin Warsh, expected to take over next, could become too accommodative.

Gold, which offers no yield, tends to rise during periods of geopolitical or economic uncertainty and when interest rates are low. Investors are now watching for the US Consumer Price Index (CPI) report due on Friday.

Other precious metals

• Spot silver jumped 4.6% to $84.43 an ounce, after falling more than 3% the previous day.
• Spot platinum rose 2.8% to $2,145.75.
• Palladium gained 0.7% to $1,719.57.

Morning update (February 12, 2026)

Bloomberg reported that spot gold slipped 0.4% to $5,065.56 an ounce at 7.45am Singapore time. Silver fell 0.8% to $83.60, platinum dipped 1%, and palladium dropped 1.5%. The Bloomberg Dollar Spot Index was flat after ending the previous session down 0.1%.