<p>Feb 9 (Reuters) - Gold and silver extended gains on Monday as the dollar weakened, while investors awaited a key U.S. labour market report due later in the week to gauge the interest rate trajectory.</p>
<h3>FUNDAMENTALS</h3>
<ul>
<li>Spot gold  (XAU=)  rose 1.4% to $5,029.09 per ounce by 0037 GMT after a near 4% climb on Friday. U.S. gold futures  (GCcv1)  for April delivery gained 1.4% to $5,051.0 per ounce.</li>
<li>Spot silver  (XAG=)  was up 2.5% after a 10% gain in the previous session.</li>
<li>The U.S. dollar was at its lowest level since February 4, making greenback-priced metals cheaper for overseas buyers. (USD/)</li>
<li>Asian stock markets leapt higher as a resounding win for Japanese Prime Minister Sanae Takaichi whetted appetites for more reflationary policies, while there was widespread investor relief at Wall Street’s last gasp rebound.  (MKTS/GLOB)</li>
<li>U.S. Treasury Secretary Scott Bessent said on Sunday he would not expect the Federal Reserve to move quickly to shrink its balance sheet, even under Fed chief nominee Kevin Warsh, who has criticised the U.S. central bank’s bond purchases.</li>
<li>San Francisco Fed President Mary Daly said on Friday she thinks one or two more interest rate cuts may be needed to counteract weakness in the labour market.</li>
<li>Investors expect at least two 25-basis-point rate cuts in 2026, with the first one expected in June. Non-yielding bullion tends to do well in low-interest-rate environments.  (FEDWATCH)</li>
<li>Investors are awaiting the nonfarm payrolls report for January, due on Wednesday, for more cues on the Fed’s monetary policy path. The report was delayed from last week due to a four-day partial government shutdown that has now ended.</li>
<li>Recognition of Iran’s right to enrich uranium is key for nuclear talks with the U.S. to succeed, Foreign Minister Abbas Araqchi said on Sunday. American and Iranian diplomats held indirect talks in Oman on Friday, aimed at reviving diplomacy amid a U.S. naval buildup near Iran.</li>
<li>Spot platinum  (XPT=)  rose 1.8% to $2,134.18 per ounce, while palladium  (XPD=)  gained 1.8% to $1,737.75.</li>
</ul>

<p>Gold and silver prices rose as the dollar weakened, with spot gold increasing 1.4% to $5,029.09 per ounce and spot silver up 2.5%. Investors are awaiting a key U.S. labor market report for insights on interest rate changes, with expectations of potential rate cuts in 2026. Asian stock markets also rose following political developments in Japan. Treasury Secretary Scott Bessent indicated the Fed may not quickly reduce its balance sheet, while San Francisco Fed President Mary Daly suggested more rate cuts may be necessary due to labor market weakness.</p>

Reuters

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PRECIOUS-Gold and silver extend gains on softer dollar