Gold prices have surged past the $5,000 per ounce mark as buyers return to the market following a week of intense volatility. According to BlockBeats, the rise was supported by Japanese Prime Minister Sanae Takaichi's overwhelming victory in the elections, which bolstered expectations of loose fiscal policies and put pressure on the yen, benefiting gold prices.
By last Friday's close, gold prices had fallen about 11% from the record high set on January 29, but they have still gained 15% this year. Traders are also closely monitoring upcoming U.S. economic data to better assess the Federal Reserve's policy direction. The January non-farm employment report, scheduled for release on Wednesday, is expected to show signs of labor market stabilization, while inflation data is set to be published on Friday.