Gold prices dipped on Thursday, pressured by a firm dollar as investors geared up for a key jobs report later this week that could provide more hints on U.S. monetary policy moves and while they assess the U.S. pressure on Venezuela.
Spot gold lost 0.3% to $4,440.67 per ounce as of 0344 GMT, dipping from an over one-week high hit in the last session. U.S. gold futures for February delivery also fell 0.3% to $4,449.60.
“Traders are weighing heightened geopolitical tensions, including U.S. intervention in Venezuela and the prospect of a Greenland flashpoint under Trump’s so‑called ‘Donroe Doctrine’ against macroeconomic signals from the United States,” said Bernard Sin, regional director- Greater China, MKS PAMP.
Softer jobs data has boosted expectations of further Federal Reserve rate cuts, supporting non-interest-bearing bullion, yet sentiment remains balanced with investors mindful of volatility and the potential for profit‑taking at higher prices levels, Sin added.
Bullion is about $110 away from the record high of $4,549.71 hit on December 29, with gains curbed by a firm dollar and profit-taking.
Data on Wednesday showed U.S. job openings dropped to a 14-month low in November while hiring resumed its sluggish tone, pointing to ebbing demand for labor.
Investor focus will be on U.S. non-farm payrolls data on Friday for more monetary policy clues.
On the geopolitical front, the U.S. seized two Venezuela-linked oil tankers in the Atlantic Ocean on Wednesday, one sailing under Russia’s flag, as part of President Donald Trump’s aggressive push to dictate oil flows in the Americas.
Spot silver lost 0.4% to $77.85 per ounce, after hitting an all-time high of $83.62 on December 29.
HSBC forecast silver will trade between $58 and $88 an ounce in 2026, driven by tight physical supply, robust investment and high gold prices, but warned of a market correction later in the year.
Spot platinum was down 0.8% to $2,288.23 per ounce, after scaling a record peak of $2,478.50 last Monday.
Palladium shed 0.5% to $1,756.42 per ounce.
