New York, March 5, 2026, 17:26 (EST) — After-hours
Gold slipped 1.2% to $5,076.59 an ounce by 1:32 p.m. ET Thursday, erasing earlier advances as rising U.S. Treasury yields and a stronger dollar undercut safe-haven demand tied to the Middle East war. Prices had climbed as high as $5,194.59 during the session. U.S. gold futures for April delivery closed off 1.1% at $5,078.70. “Usually aren’t great for gold,” TD Securities’ Bart Melek said of the higher yields. Bullion had surged to a record $5,594.82 on Jan. 29 and briefly cleared $5,400 on Monday. Elsewhere, silver dropped 1.8% to $81.91, platinum slipped 1.1% to $2,125.10, and palladium skidded 2.4% to $1,634.15. Reuters
Oil prices jumped sharply, with U.S. crude closing up 8.51% at $81.01 a barrel and Brent at $85.41. Bonds took a hit—yields on the U.S. 10-year rose to 4.133%—while the dollar index moved up to 99.03. It’s the same rate-driven narrative weighing on gold, despite persistent jitters over geopolitics. Reuters
Gold doesn’t generate interest—so when yields climb, the metal can get hit. On top of that, a firmer dollar tends to push up bullion prices for international buyers paying in other currencies.
Thursday’s U.S. labour numbers left markets unmoved on prospects for near-term Fed rate cuts. Initial jobless claims held steady at 213,000; continuing claims climbed 46,000 to 1.868 million. Meanwhile, layoffs dropped sharply: Challenger, Gray & Christmas tallied 48,307 cuts in February, a 55% slide from January. Economists polled by Reuters are looking for a 59,000 gain in Friday’s nonfarm payrolls and expect the unemployment rate to hold at 4.3%. “There is nothing in the latest claims data to change our view that the Fed will keep policy steady until June,” Oxford Economics’ lead U.S. economist Nancy Vanden Houten said. Reuters
The Fed’s Beige Book out Wednesday noted a slight uptick in activity, with prices climbing and employment steady, leaving policymakers content to wait. According to Reuters, traders aren’t looking for another rate cut before the July 28-29 meeting, and most expect the central bank to keep rates unchanged at its mid-March decision. Reuters
Gold-backed funds slipped as well, with the SPDR Gold Shares ETF (GLD) settling 1.18% lower at $466.24. After hours, GLD edged up a bit, according to Investing.com. Investing.com
Miners took a sharper blow. The VanEck Gold Miners ETF (GDX) slid 3.83% to $101.82, underscoring just how much more miners react to moves in bullion. Investing.com
Toronto’s materials group dropped 3.9%, dragging the TSX down 1% after metal miners lost steam following their recent rally. Gold miners, in particular, are seeing “de-risking by selling things that have been recent winners,” according to Brian Madden, chief investment officer at First Avenue Investment Counsel. Reuters
Still, that tug-of-war hasn’t gone away. Any fresh spike in oil or renewed trouble in shipping routes might drive investors back toward bullion. On the flip side, a U.S. jobs report that tops forecasts could keep yields ticking up and deepen the retreat.
Friday’s U.S. jobs data for February hits at 8:30 a.m. ET, putting markets on alert. Then comes the February CPI, set for March 11, ahead of the Fed’s two-day meeting March 17-18. Each release could jolt expectations for rate cuts—and gold won’t be immune. Bureau of Labor Statistics
