Gold Near $4,200: Steady Through Jobs Volatility as $4,700 Targets Emerge for 2026

After a year defined by big moves, gold just delivered a quieter—but arguably more important—message: it can stay steady even when the macro headlines don’t.

A volatile jobs backdrop, a surprisingly calm gold price

According to Kitco’s December 11 reporting, gold prices remained anchored around the $4,200 area despite a choppy U.S. labor-market backdrop (Christensen). In other words, the kind of data that often jolts markets didn’t translate into the kind of sharp reaction traders might expect.

That “anchored” behavior matters. When gold can absorb macro volatility without breaking its range, it can signal that the market has a clearer idea of its baseline drivers—and that buyers and sellers may be waiting for the next major catalyst rather than reacting to every single data point.

Why 2026 forecasts are turning heads

Kitco’s December 10 piece adds context for why gold may be finding support: Wells Fargo reportedly views gold as one of the few compelling commodity opportunities for 2026, with a scenario where prices could reach $4,700/oz (Hoffman).

The forecast is less about a single “shock event” and more about multiple supportive forces working together. In Wells Fargo’s view, the key tailwinds include:

• Central-bank demand

• A potentially weaker U.S. dollar

• The possibility of additional Federal Reserve rate cuts

• Continued geopolitical uncertainty (Hoffman)

Even if $4,700 ends up being an optimistic case, the reasoning is straightforward: gold can benefit when monetary policy becomes more supportive, the dollar eases, and risk perceptions stay elevated.

What to watch next

If gold continues to hold near current levels, the next move may depend less on “one-off” data surprises and more on whether the broader trend lines stay intact—especially Fed policy expectations, the dollar’s direction, and ongoing demand signals in the market.

Gold doesn’t need daily drama to climb. Sometimes the more telling signal is exactly the opposite: stability in the face of volatility.

Sources:

Christensen, Neils. “Gold prices remain anchored despite volatile U.S. labor market.” Kitco News, 11 Dec. 2025, https://www.kitco.com/news/article/2025-12-11/gold-prices-remain-anchored-despite-volatile-us-labor-market.

Hoffman, Ernest. “Gold among the few commodity opportunities in 2026, price could reach $4,700/oz – Wells Fargo.” Kitco News, 10 Dec. 2025, https://www.kitco.com/news/article/2025-12-10/gold-among-few-commodity-opportunities-2026-price-could-reach-4700oz-wells.