Gold Hits Record $2,847 as Jobs Data Cools Fed Hike Bets; Brent Holds Above $113

Gold pushed to a fresh record above $2,840 an ounce on Friday, extending a run that has added more than 30% year-to-date, after the October employment report cut the real-yield pressure that had capped the metal earlier in the week. Spot bullion last traded near $2,847, with silver at $35.10.

The jobs data did not remove the Federal Reserve's December hike from the table — they made it less certain. That distinction matters for gold: a fully priced-in tightening path raises opportunity costs for a non-yielding asset, while a contested one keeps hedging demand intact alongside the structural bid from reserve managers.

Central bank buying remains the foundation. Third-quarter official-sector purchases reached 213 tonnes, according to the World Gold Council, and the People's Bank of China has continued to report additions. Global gold ETF holdings rose another 41 tonnes in September, and futures data show managed-money net longs still elevated but below the August 2020 extremes.

Oil told a more mixed story. Brent crude settled near $113.40 a barrel, down about 0.8% on the day but still within sight of the $114-plus highs printed earlier in the week, while WTI hovered around $100.50. The softer dollar and lower front-end yields provided support; renewed questions about Chinese demand and the pace of non-OPEC supply growth capped the move.

"Gold and crude are trading the same macro variable from opposite sides of it," said Eleanor Voss, precious metals analyst at Aurum Research. "Both are pricing a Fed that is less certain about December. Bullion benefits from the ambiguity. Oil needs the growth side of the equation to hold up as well."

Mining equities continued to outperform. The NYSE Arca Gold Miners Index is up 42% year-to-date, and a second-tier producer rally broadened on Friday as smaller names caught up with the majors. Energy equities, by contrast, lagged the commodity as investors rotated toward defensives.