Gold and silver prices fell in Asian trading on Tuesday, facing profit-taking after recent gains.
Gold and silver prices fell in Asian trade on Tuesday, facing some profit-taking from recent gains as markets awaited key U.S. economic data, starting with nonfarm payroll readings due later in the day.
Precious metal prices rose sharply over the past week, following an interest rate cut and somewhat dovish signals from the Federal Reserve. Brewing concerns over a Chinese economic slowdown and U.S. liquidity troubles also fueled some haven demand.
Spot gold fell 0.4% to $4,289.38 an ounce, while gold futures for February fell 0.5% to $4,315.30/oz by 23:56 ET (04:56 GMT).
Spot silver slid 1.9% to $62.8595, appearing more susceptible to profit-taking after hitting a series of record highs in the past week. Silver futures fell 1.2% to $62.830/oz.
Among other metals, spot platinum was an outlier, rising more than 1% to an over 14-year high of $1,810.19/oz. Benchmark copper futures on the London Metal Exchange fell 0.8% to $11,581.0 a ton.
US Nonfarm payrolls, CPI data awaited for more cues
Focus this week is squarely on more cues on the U.S. economy, starting with nonfarm payrolls data for November, due later on Tuesday.
The print is expected to show more signs of cooling in the U.S. labor market.
The payrolls print comes just days before key consumer price index inflation data for November, which is due on Thursday, and will be closely watched for any signs of cooling inflation.
Labor strength and inflation are the Fed’s two biggest considerations for altering policy, with the central bank having reiterated its data-driven stance in the past week.
Lower U.S. rates boost the appeal of non-yielding assets such as gold and silver. The two metals clocked stellar gains so far in 2025 as U.S. interest rates fell, while increased uncertainty over the world’s biggest economy also buoyed haven demand.
Gold could cross $5000/oz in 2026, ANZ says
ANZ analysts said they expect gold prices to rise past $5,000/oz in 2026, citing increased haven demand on growing uncertainty over fiscal health in the developed world.
“The bullish case remains intact for gold and silver in H1 2026. Easing monetary policy, fiscal concerns, geopolitical risk, and waning trust in US assets continue to support investment in real assets,” ANZ analysts said in a note.
They noted that a deteriorating outlook for global growth, renewed global trade tensions, and concerns over the Fed’s independence, as Chair Jerome Powell’s term ends, all present a largely bullish outlook for gold.
But they said that after a stellar price rally in 2025, gold’s pace of gains is likely to moderate in 2026, with gains seen in a range of 12% to 15%.