Gold steady amid Trump policy uncertainty

Gold prices steadied on Monday as uncertainty over the policies of the incoming administration of US President-elect Donald Trump boosted safe-haven demand, and a strong US employment report supported the Federal Reserve’s caution about cutting interest rates significantly this year.

Spot gold was steady at $2,690.49 an ounce by 00:28 GMT, hovering near its highest since Dec. 12 hit on Friday. US gold futures were up 0.2% at $2,720.20, according to Reuters.

The strong jobs report helped support the Federal Reserve’s cautious stance toward further interest rate cuts this year amid growing concerns that Trump’s pledges to impose or significantly increase import tariffs could stoke inflation.

The Bureau of Labor Statistics said nonfarm payrolls increased by 256,000 jobs last month, the most since March. Investors will be closely watching the release of the monthly consumer price index later in the week.