Gold prices fell on Wednesday as investors booked profits after bullion briefly reached a more than one-week high earlier in the session, while a stronger US dollar weighed on sentiment across the precious metals complex ahead of key US jobs data later this week.
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Spot gold slipped about 1.1% to $4,447.03 per ounce in early Asian trading, retreating from recent record levels. US gold futures for February delivery also eased, trading lower as traders took gains after a strong rally in recent days.
Analysts said much of the recent price action has reflected speculative flows rather than fundamental drivers, with bullion showing two-way volatility. A firm US dollar — near a more than two-week high — added pressure by making dollar-priced gold more expensive for holders of other currencies.
Investors are now focusing on a series of key US economic reports, including the closely watched non-farm payrolls data due on Friday along with the ADP private payrolls and JOLTS job openings figures expected midweek. These releases are likely to shape expectations for Federal Reserve interest rate policy this year.
Federal Reserve officials have signalled the need for aggressive rate cuts to support economic growth, and markets currently price in at least two cuts this year — conditions that, if realised, could underpin safe-haven assets like gold.
Elsewhere in the metals complex, spot silver also dropped sharply, while platinum and palladium saw notable declines as traders unwound positions following recent gains.
