Gold prices are trading steadily in early Wednesday sessions, moving in a narrow range between $5,040 and $5,070 per ounce. After climbing to a record high near $5,610 in January, the metal has been adjusting and stabilizing. Now, investor focus has shifted to the latest U.S. Non-Farm Payrolls report, which is expected to play a major role in shaping short-term price direction.

This month’s jobs data release is unusual. Due to a partial federal government shutdown, the Bureau of Labor Statistics is releasing both the January employment figures and the annual benchmark revisions for 2025 at the same time. Markets expect job growth of around 70,000 positions, slightly higher than December’s number. The unemployment rate is forecast to remain steady at 4.4 percent, while average hourly earnings are projected to rise by 0.3 percent. However, the benchmark revisions may show that job growth in 2025 was weaker than previously reported, with potential downward adjustments of several hundred thousand positions. Such revisions could influence how investors view the strength of the U.S. economy.

Gold’s ability to remain above the important $5,000 level is supported by several factors. First, expectations that the Federal Reserve may move toward a more supportive policy stance have increased. Recent economic data has shown signs of slowing momentum. If today’s report is soft enough to encourage interest rate cuts, but not weak enough to signal a deep recession, it could provide further support for gold prices. Lower interest rates generally make gold more attractive because the metal does not pay interest, and falling rates reduce the opportunity cost of holding it.

Central bank demand is another strong pillar for gold. Countries such as China continue to increase their gold reserves as part of long-term diversification strategies. Analysts from major financial institutions maintain year-end price targets well above current levels, pointing to ongoing demand and global currency shifts as key drivers.

Geopolitical developments also contribute to gold’s strength. Ongoing diplomatic tensions and high-level meetings between global leaders often increase uncertainty, which tends to push investors toward safe-haven assets like gold.

From a technical perspective, gold is currently consolidating within a neutral to slightly bullish structure. Immediate resistance stands near $5,092, while support is seen around $4,946. A clear move above resistance could open the path toward higher targets, while a strong jobs report could pressure prices lower. Moving averages near $4,980 suggest buyers are actively defending that zone.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Commodity markets are volatile and influenced by multiple economic factors. Readers should conduct independent research and consult a qualified financial professional before making trading or investment decisions.