Muscat: May gold futures closed at $3,344.00 per ounce on Friday, climbing from $3,243.30 on May 2. The metal peaked midweek at $3,448.10 on Wednesday, May 7, as global investors responded to shifting market conditions and risk aversion.

Supporting the rally were stronger-than-expected U.S. employment figures, with April adding 177,000 jobs compared to forecasts of 130,000. Simultaneously, the U.S. dollar index rose 0.6% after the Federal Reserve kept interest rates steady while cautioning about persistent inflation and possible economic headwinds.

Despite market volatility, central banks—led by China—continued their gold-buying spree for a sixth consecutive month. The World Gold Council also reported record demand from exchange-traded funds (ETFs) in Q1 2025, underscoring the metal’s appeal as a hedge against uncertainty.