Gold prices fell about 1% on Thursday as investors booked profits after a three-day rally, with markets eyeing US jobs data for clues on the Federal Reserve's interest rate path amid rising global trade tensions.
Spot gold, which was down 0.5% at $2,904.51 an ounce by 1211 GMT, has gained more than 10% this year. It hit a record high of $2,956.15 on Feb. 24.
US gold futures also fell 0.5% to $2,912.10.
"Gold appears to be seeing some profit-taking as investors watch tariff developments with prices trading near $2,900 ahead of the nonfarm payrolls report," said Lukman Otunuga, senior research analyst at FXTM.
Market focus is on the escalating global trade war after the US imposed 25% tariffs on imports from Mexico and Canada on Tuesday along with new duties on Chinese goods.
Asian shares rose as investors hoped trade tensions could ease after US President Donald Trump exempted some automakers from tariffs for a month.
Investors are turning to gold as a safe haven asset as geopolitical and economic uncertainty looms.
"Unless there is a fresh directional catalyst, the current bearish price action could drag gold lower. If prices fall below $2,900, it could signal a further decline towards $2,880," Otunuga said.
The spotlight is on Friday's nonfarm payrolls report, which is expected to show a gain of 160,000 jobs in February, economists polled by Reuters said.
Meanwhile, platinum prices were flat at $964.68 an ounce.
"We expect platinum to be undersupplied by 500,000 ounces, or 6.4% of demand, by 2025, putting the metal in deficit for the third consecutive year," UBS said in a note.
"Our market deficit should further reduce above-ground inventories below 3 million ounces and help prices move to $1,100/oz this year." (Newsmaker23)
Source: CNBC
Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" ...
Gold prices hit another record high, while silver held near its all-time high. This rise was driven by two major factors: the escalating Greenland crisis and turmoil in the Japanese government debt ma...
Gold prices remained near all-time highs on Tuesday, hovering around $4,670 per ounce. Demand for safe haven assets remained strong as US-European trade tensions escalated, prompting investors to refr...
Gold and silver hit new records after US President Donald Trump threatened to impose tariffs on eight European countries that oppose his Greenland plan. This situation immediately pushed investors int...
Gold price rises on Friday, poised to end with weekly gains of nearly 4% as an employment report in the US was mixed, with the economy adding fewer jobs than projected. Still, the Unemployment Rate ti...
Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" for a future agreement on Greenland. This calmer...
Oil prices were little changed in Asian trading on Thursday after US President Donald Trump backed down from a threat to impose tariffs on European countries over Greenland. This decision helped ease geopolitical tensions and improve market...
The Nikkei 225 Index climbed 1.73% to close at 53,689, while the broader Topix Index rose 0.74% to 3,616 on Thursday, snapping a five-day losing streak as Japanese shares were lifted by a strong rally in chip and artificial intelligence related...