Gold Soars Amid Intensifying Middle East War, U.S. Jobs Data

(RTTNews) - Gold prices have surged on Friday due to ongoing safe-haven demand driven by ongoing war in the Middle East. In addition, the U.S. nonfarm payrolls data rekindled rate cut expectations and supported precious metals.

Comex Gold for April delivery has jumped by $74.30 (or 1.46%) to $5,153.00 per troy ounce.

Comex Silver for April delivery has surged by $1.978 (or 2.42%) to $83.860 per troy ounce.

The war in the Middle East, which began after the U.S and Israel conducted a coordinated attack on Iran (codenamed Operation Epic Fury) on February 28, has intensified. Around 1,332 people have been killed in Iran so far.

In its retaliatory attacks, Iran has expanded its missile and drone attacks against Qatar, Saudi Arabia, Turkey, Bahrain, and Oman, targeting U.S. bases.

Even as the war deepens, U.S. President Donald Trump refused to accept Iran being led by Mojtaba Khamenei (son of late Iran's Supreme Leader Ayatollah Ali Khamenei).

Today, he reiterated that the U.S. and its allies would select a "great and acceptable" leader for Iran.

Through his social media post, Trump affirmed that he will not settle for any deal with Iran but demanded "unconditional surrender" from the warring nation.

Fear of attacks has crippled energy exports via the Strait of Hormuz.

In an interview with Fox News, U.S. Energy Secretary Christopher Wright stated that the U.S. Navy is preparing to escort ships passing through the vital waterway.

On the economic front, data released by U.S. Labor Department today revealed that contrary to the forecasts of a 59,000 gain, the economy shed 92,000 jobs in February (the most in four months) following a downwardly revised 126,000 increase in January.

Further, the unemployment rate rose to 4.4% in February from 4.3% in January, nearing November's four-year high of 4.5%.

The number of unemployed has increased by 203,000 to 7,570,000 and total employment declined by 185,000 to 162,910,000.

The U.S. Census Bureau revealed that the retail sales edged lower by 0.2% from January of 2026.

Reportedly, U.S. Federal Reserve officials have gone into a "wait and watch" mode to see how the war breaks out in the coming days.

Energy prices have catapulted in the past few days, causing inflationary concerns.

Experts are unable to predict how long will the war go on and how intensely it will affect the global economy.

The Fed is expected to hold the key interest rates at its current range of 3.50% to 3.75% at its upcoming meeting on March 17 and 18.