Precise Investors Editorial Team
Spot gold fell 0.7% to $4,466.19 per ounce
Gold prices slid on Wednesday as investors booked profits after prices briefly climbed to a more than one-week high in earlier trade as a stronger dollar weighed on sentiment across the precious metals complex ahead of key U.S. jobs data due this week.
Spot gold fell 0.7% to $4,466.19 per ounce, as of 0330 GMT. Bullion touched a record high of $4,549.71 on December 26.
U.S. gold futures for February delivery were 0.4% lower at $4,477.30.
Precious metals have gone up quickly this week and there’s always a bit of profit-taking, the dollar has also helped pressure prices, said GoldSilver Central managing director Brian Lan.
The dollar moved in a tight range, near a more than two-week high ahead of a slew of U.S. economic data, making dollar-priced assets more expensive for other currency holders.
Investors expect at least two rate cuts by the U.S. central bank this year, while they look to non-farm payroll data due on Friday for more clues. The JOLTS survey and ADP private payrolls data on Wednesday may also set the tone for the market.
Central bank Governor Stephen Miran, whose term ends later this month, said on Tuesday that aggressive U.S. interest rate cuts are needed to keep the economy moving forward.
Non-yielding assets tend to do well in a low-interest-rate environment and during times of geopolitical or economic uncertainty.
Spot silver lost 1.2% to $80.34 per ounce, down from an all-time high $83.62 on December 29.
Spot platinum dropped 2.9% to $2,373.0 per ounce, receding from a record high $2,478.50 last Monday. It gained more than 3% earlier in the session.
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