Gold slips on firmer dollar, focus on geopolitics and US jobs data

Gold prices reversed course and slipped on Wednesday, as the dollar strengthened and investors booked profits after recent gains, while awaiting US jobs data and assessing geopolitical developments for fresh cues.

Spot gold was down 0.3% at USD 4,924.89 per ounce, as of 01:31 p.m. ET (1829 GMT) after rising as much as 3.1% earlier in the session. Prices rose 5.9% rise on Tuesday.

US gold futures for April delivery settled 0.3% higher at USD 4,950.80 per ounce.

US dollar index hovered at more than one-week high level, making greenback-priced bullion more expensive for overseas buyers.

“We did see a turnaround in the dollar, and that strength put some pressure on gold,” said David Meger, director of metals trading at High Ridge Futures, adding that the market remains in a profit‑taking pullback from record highs and that the consolidation “is not quite over yet.”

Bullion slid more than 13% on Friday and Monday, its steepest two‑day sell‑off in decades, after hitting a record high of USD 5,594.82 on January 29.

On the geopolitical front, Iran and the United States are set to hold talks on Friday, while US President Donald Trump held wide‑ranging discussions with China’s Xi Jinping ahead of an expected visit to China in April, following Xi’s virtual meeting with Russia’s Vladimir Putin.

US private job growth undershot expectations, with ADP data showing just 22,000 jobs added in January versus forecasts of 48,000.

The US Bureau of Labor Statistics said the January employment report will be released on Feb. 11. The report had been postponed because of a temporary US government shutdown, which ended on Tuesday.

Investors currently expect at least two rate cuts in 2026.

Non-yielding bullion tends to perform better in low-interest-rate environments.

Goldman Sachs continues to see upside risk to its USD 5,400/oz gold forecast for December 2026, with further private‑sector demand a potential upside surprise.

Meanwhile, spot silver rose 1.3% to USD 86.08 an ounce on Wednesday. The white metal hit a month-low of USD 71.33 on Monday following a record high of USD 121.64 on Thursday last week, and up over 20% so far this year.

Spot platinum added 0.6% to USD 2,221.76 per ounce, while palladium gained 1.3% to USD 1,756.18.

(Reporting by Anmol Choubey and Sarah Qureshi in Bengaluru, additional reporting by Ashitha Shivaprasad; Editing by Shailesh Kuber and Krishna Chandra Eluri)