US job growth recorded its largest increase in more than a year, and the unemployment rate unexpectedly declined, pointing to a stabilizing labor market. This has led investors to expect that the Federal Reserve will likely keep rates unchanged in March before considering reductions later in the year. However, uncertainty remains, especially after President Donald Trump nominated Kevin Warsh to replace Jerome Powell as Federal Reserve Chair when his term ends in May. Warsh is viewed as less supportive of loose monetary policy, raising concerns that financial conditions may not ease significantly in the coming years.

Metal markets have shown volatility in recent weeks, with strong price swings in both gold and silver. Gold gained more than 2% in the previous session but remains below its late-January high. Trading volumes have been lower due to holidays in the United States, China, and South Korea, which has limited strong directional movements.

Traders are focused on the minutes from the Federal Reserve’s January meeting, scheduled for Wednesday, as well as upcoming PCE price index data. Additional US trade and industrial production figures will also be closely monitored. According to analysts, attention is gradually shifting toward the impact of tariffs and long-term concerns about the credibility of US monetary policy, factors that could increase investor demand for real assets such as gold.

Gold (XAU/USD) remains supported by lower inflation, potential interest rate cuts, geopolitical risks, and steady central bank demand. Although short-term volatility may continue, especially around key economic releases, the overall environment still favors investing in gold as part of a diversified portfolio. Investors may consider price pullbacks as potential buying opportunities, particularly if global tensions persist and expectations for monetary easing remain in place.