Gold prices fell on Thursday as a stronger U.S. dollar exerted downward pressure, while investors awaited key U.S. jobs data expected to provide further insights into the Federal Reserve’s monetary policy trajectory.
In spot trading, gold dropped by 0.3% to $4,440.67 per ounce, retreating from the one-week high it reached during the previous session. Meanwhile, gold futures for February delivery fell by 0.3% to $4,449.60 per ounce.
Market Context
According to Bernard Sin, Regional Director for China at MKS Pamp, geopolitical tensions, including U.S. involvement in Venezuela and potential hotspots like Greenland, remain on traders’ radars. Additionally, macroeconomic data from the U.S. continues to influence market sentiment. Weak U.S. job data has fueled expectations of further interest rate cuts by the Federal Reserve, which typically supports non-yielding assets like gold.
Despite gold’s recent dip, its price remains just $110 shy of its all-time high of $4,549.71, recorded on December 29, 2025. A stronger dollar and profit-taking have contributed to the recent pullback.
Broader Precious Metals Market
Other precious metals also faced declines:
- Silver fell 2.5% to $77.85 per ounce, after reaching a recent high of $83.62 on December 29.
- Platinum dropped 0.8% to $2,288.23 per ounce, retreating from Monday’s record high of $2,478.50.
- Palladium decreased by 0.5% to $1,756.42 per ounce.
Focus on U.S. Jobs Data
Investor attention is now firmly fixed on the upcoming U.S. non-farm payroll data, set to be released on Friday. This report is expected to provide critical guidance on the Federal Reserve’s future interest rate decisions, which will likely influence gold and other precious metals’ performance in the near term.
The gold market’s recent performance follows a strong start to 2026, as both gold and silver posted gains after an exceptional annual performance in 2025.
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