Gold prices rose early on Friday, climbing again following five days of record highs after an unexpectedly robust US jobs report looks to delay a cut to interest rates, pushing the dollar.

Gold for April delivery was last seen up US$22.30 to US$2,187.50 per ounce.

The price of the metal is at a record on a weaker dollar and momentum buying, even after the United States added a more than expected 275,000 jobs last month, potentially delaying interest-rate cuts that promise to be bullish for the metal.

“Gold achieving new highs on the back of little to no change in the backdrop or grander narrative for gold gives us mixed feelings. On the one hand, the eventual rate cut narrative (set to come to fruition in June) remains as gold positive as ever, and geopolitical risks have been underappreciated in our view,” Christopher Louney, a commodities strategist at RBC Capital Markets, noted.

The dollar fell following the jobs report, making the metal more affordable for international buyers, The ICE dollar index was last seen down 0.24 to 102.58,

Treasury yields also weakened, bullish for gold since it offers no interest. The US two-year note was last seen paying 4.457%, down 6.5 basis points, while the yield on the 10-year note was down 0.4 basis points to 4.083%.