While markets retreated ahead of key U.S. employment data that could affect the monetary policy trajectory, gold prices stabilized around multi-month highs on Friday. Copper, for its part, remained at a two-week high in the hope of a Chinese reopening.

This week, metal markets are expected to see solid gains following Federal Reserve signals. According to these signals, the central bank will raise interest rates at a slower pace over the next few months. Precious metals, for their part, were the main beneficiaries of this recovery, under the pressure of a sharp rise in rates this year.

Spot gold remained near three-month highs falling 0.1% to $1,800.96 per ounce. Gold futures, on the other hand, hovered around $1,814.70 per ounce, their highest level in five months. This week, the two instruments are expected to add around 3%. Fed Chairman Jerome Powell has warned that U.S. interest rates are likely to reach higher levels than expected due to stubborn inflation. He also reported a slowdown in interest rates in the months to come.

Platinum and silver futures rose by over 6% each and outperformed gold this week. Copper prices fell slightly on Friday, also heading for a positive week due to growing hopes that the main Chinese importer will relax its anti-Covid policies. Copper futures are expected to end the week up more than 4%, but fell 0.2% to $3,7865.