Gold Pulls Back in Asia as Traders Take Profits Ahead of U.S. Jobs Data

Gold prices slipped in Asian trading on Wednesday as investors booked profits following a strong two-day rally, while markets continued to weigh heightened geopolitical risks and looked ahead to key U.S. economic data later this week.

Spot gold fell 1% to $4,450.55 an ounce by 02:13 ET (07:13 GMT), while March-delivery U.S. Gold Futures declined 0.8% to $4,460.55 an ounce.

The metal had surged earlier in the week as safe-haven demand strengthened after a sharp escalation in tensions between the United States and Venezuela. But momentum cooled on Wednesday as some traders locked in gains and a modest rebound in the U.S. dollar made gold more expensive for holders of other currencies.

Geopolitical uncertainty remains elevated after a U.S. military operation in Venezuela led to the capture of President Nicolás Maduro, an event that rattled global markets and reinforced demand for defensive assets. At the same time, President Donald Trump signaled plans to sell Venezuelan oil under U.S. oversight, raising questions about how the country’s energy sector may be managed going forward.

Investors are now turning their attention to upcoming U.S. macroeconomic releases, particularly Friday’s non-farm payrolls report, which is expected to play a major role in shaping the Federal Reserve’s interest-rate outlook. Markets continue to price in two additional rate cuts this year, a scenario that generally supports gold by lowering the relative cost of holding non-yielding assets.

Metals retreat from recent peaks

Broader metals markets also eased after recent strong gains. Silver dropped 2.1% to $79.26 per ounce, while platinum tumbled 6% to $2,302.60 an ounce.

Industrial metals softened as well, with benchmark copper futures on the London Metal Exchange slipping 0.5% to $13,133.20 a ton and U.S. copper futures falling 1.2% to $6.02 a pound, after both contracts touched record highs earlier in the week.