Gold is retreating from its highest level in a year as dollar rose before US data

Gold prices retreated from their highest levels in a year on Thursday as the dollar regained some ground while investors await the US Nonfarm Payrolls report to assess the Federal Reserve’s monetary policy strategy.

Spot gold fell 0.3 percent to $2,014.26 an ounce by 0543 GMT, after reaching its highest price since March 2022 on Wednesday. And US gold futures fell 0.3 percent to $ 2029.80.

The dollar index rose 0.2 percent, making bullion too expensive for buyers holding other currencies.

He added that economic data this week were key elements in supporting gold prices and also pointed to some profit-taking ahead of the Good Friday holiday.

Gold rose about 2.4 percent this week after a sudden cut in oil production by the OPEC + alliance and weak US economic data throughout the week, which increased fears of an economic slowdown and pushed the yellow metal to rise above $ 2000.

Data on Wednesday showed the US services sector slowed more than expected in March. Separate data showed that new jobs in the private sector were much lower than expected.

Investors are now awaiting the non-farm payrolls report for March, which is due on Friday.

As for other precious metals, silver lost 0.7 percent to $24.81 an ounce, while platinum rose 0.5 percent to $1,001.67, and palladium fell 0.2 percent to $1,426.95.