Gold prices fell on Thursday, pressured by a firm dollar, as investors positioned ahead of a key US jobs report that could shape expectations for Federal Reserve policy and amid continued US pressure on Venezuela.
Spot gold slipped 0.4% to $4,435.62 an ounce, while US gold futures for February delivery fell 0.4% to $4,444.40.
“Traders are weighing heightened geopolitical tensions, including US intervention in Venezuela, against macroeconomic signals from the United States,” said Bernard Sin, regional director for Greater China at MKS PAMP.
The dollar hovered near a more than two-week high as markets assessed a series of US labour market data releases. Softer jobs data has reinforced expectations of further Fed rate cuts, which typically support non-yielding bullion, though sentiment remained cautious amid volatility and profit-taking at elevated prices.
Gold is trading about $110 below its record high of $4,549.71 hit on December 29, with gains capped by the strong dollar.
Data released on Wednesday showed US job openings fell to a 14-month low in November, signalling easing labour demand. Investor focus now turns to the US nonfarm payrolls report due on Friday for further monetary policy cues.
Analysts said the annual rebalancing of the Bloomberg Commodity Index could pressure prices in the short term, as lower target weightings may prompt profit-taking.
Spot silver fell 2.6% to $76.08 an ounce, while platinum slid 3.3% to $2,230.90 and palladium dropped 2.8% to $1,715.— Reuters
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