Gold prices rise to over $5000 per ounce as bargain hunters re-enter the market.

After a week of unusually volatile movements, the precious metals market saw buyers returning on dips, pushing the price of gold to above $5,000 per ounce. In early trading, gold prices rose by 1.6%, boosted by the landslide victory of current Japanese Prime Minister Taro Aso in the House of Representatives election. This further strengthened the market's expectations of loose fiscal policies and continued pressure on the yen, which typically benefits gold. By the end of last Friday, gold prices had fallen by about 11% from the all-time high set on January 29, but still accumulated a 15% increase for the year. Traders are also watching for upcoming US economic data to better assess the Federal Reserve's policy direction. The January jobs report, set to be released on Wednesday, is expected to show signs of stabilization in the labor market, while inflation data will be released on Friday.