Uncertainty over the conflicts in Gaza and Ukraine made gold a more attractive investment. Speculation about interest rate cuts this year is also bullish for the precious metal, but the timeline may be delayed after a strong U.S. jobs report on Friday. 

Front-month gold futures gained 4.8% last week to settle at $2,345.40 an ounce on Comex, after the most-active June contract increased 1.6% Friday. Bullion rose 8.9% in March – the biggest monthly rise in more than three years – after dropping 0.6% in February and declining 0.2% in January. The metal rose 13% in 2023. The June contract is currently up $12.10 (+0.52%) an ounce to $2357.50 and theh DG spot price is $2341.60.

U.S. monthly jobs growth surpassed expectations for March in data from the Bureau of Labor Statistics on Friday. The U.S. added 303,000 positions last month, the largest gain in more than a year. Unemployment also fell to 3.8%. 

Friday’s jobs report will likely be a key indicator, as the Fed has said it closely watches both labor market conditions and inflation when determining monetary policy. High rates are considered bearish for gold, while a cut would be considered bullish.

The next big economic report due out is the U.S. consumer price index for March, scheduled for release on Wednesday. The Fed’s favorite inflation measure, the personal consumption expenditure price index, came out in line with expectations for February.