Spot gold fell 0.3% to $4,440.67 per ounce by 0344 GMT, retreating from an over one-week high reached in the previous session. U.S. gold futures for February delivery were also down 0.3% at $4,449.60 per ounce, News.Az reports, citing Reuters.
“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 for Greater China at MKS PAMP.
Sin added that softer U.S. jobs data has raised expectations of further Federal Reserve rate cuts, which typically support non-yielding bullion. However, overall sentiment remains balanced as investors stay alert to market volatility and the possibility of profit-taking at elevated price levels.
Gold is currently trading about $110 below its record high of $4,549.71, reached on December 29, with gains capped by dollar strength and profit-taking.
Data released on Wednesday showed U.S. job openings fell to a 14-month low in November, while hiring remained sluggish, signaling easing demand in the labor market.
Investors are now focused on U.S. non-farm payrolls data due on Friday for additional insight into the Fed’s policy outlook.
On the geopolitical front, the U.S. seized two oil tankers linked to Venezuela in the Atlantic Ocean on Wednesday, including one sailing under Russia’s flag, as part of President Donald Trump’s aggressive efforts to influence oil flows across the Americas.
In other precious metals, spot silver slipped 0.4% to $77.85 per ounce, after hitting an all-time high of $83.62 on December 29. HSBC forecast silver prices will range between $58 and $88 an ounce in 2026, supported by tight physical supply, strong investment demand and elevated gold prices, though it warned of a potential correction later in the year.
Spot platinum declined 0.8% to $2,288.23 per ounce, after reaching a record high of $2,478.50 last Monday. Palladium fell 0.5% to $1,756.42 per ounce.
