Price gains for gold, silver after downbeat U.S. jobs data

Gold and silver rallied in early U.S. trade Friday after a sharply weaker February U.S. jobs report, boosting rate-cut expectations and safe-haven demand amid escalating Middle East conflict. April gold was last up $49 to $5,128/oz, while May silver rose $1.934 to $84.10/oz. The U.S. economy reportedly lost 92k non-farm payrolls in February (vs a downwardly revised +126k in January), with unemployment ticking up to 4.4% (vs 4.3% expected) — a print that supports the “dovish” camp arguing for earlier Fed easing. Separately, physical-market dislocations were noted: gold in Dubai is reportedly trading at discounts as large as $30/oz to the London benchmark due to war-related flight disruptions, higher shipping/insurance costs, and slowed bullion outflows; impacts are filtering into India, though near-term demand is described as muted with inventories elevated following heavy January imports. Geopolitical risk is the dominant macro catalyst in the piece, with reports of escalating hostilities involving Iran and regional infrastructure (including the Strait of Hormuz “ostensibly closed”), driving broader risk aversion and energy prices higher (Brent above $86/bbl; U.S. gasoline up sharply with futures +27% on the week). For metals, the near-term setup is supportive via safe-haven flows and inflation/energy-shock spillovers, but traders should watch for offsetting headwinds from higher global yields if markets continue to reprice tighter policy paths abroad (the article notes money markets moving to a 100% probability of an ECB hike this year and rising Treasury yields). Key near-term catalysts: follow-through in post-NFP rates repricing, headlines on shipping/insurance and Dubai logistics (which can distort regional physical premiums/discounts), and any confirmation around Hormuz disruptions that could extend the energy-led inflation impulse and keep haven bids firm.