Gold and Silver Retreat as Traders Turn Focus to U.S. Jobs Data

Key Moments

Precious Metals Ease After Strong Rally

Gold and silver prices moved lower in Asian trading on Tuesday as investors locked in profits after a strong run-up, while awaiting a fresh round of U.S. economic data starting with nonfarm payrolls later in the day.

Over the past week, precious metals had advanced sharply following an interest rate cut and what were viewed as relatively dovish signals from the Federal Reserve. Rising worries about a slowdown in China and concerns around U.S. liquidity conditions also supported demand for safe-haven assets.

Spot gold was last down 0.4% at $4,289.38 per ounce, and gold futures for February delivery declined 0.5% to $4,315.30 per ounce by 23:56 ET (04:56 GMT).

Silver saw steeper declines, with spot prices falling 1.9% to $62.8595, as the metal appeared more vulnerable to profit-taking after notching a series of record highs over the past week. Silver futures were 1.2% lower at $62.830 per ounce.

Performance Across Key Metals

Price moves were mixed in the broader metals complex. Spot platinum bucked the general downward trend and gained more than 1%, reaching a more than 14-year peak of $1,810.19 per ounce. In contrast, benchmark copper futures on the London Metal Exchange retreated 0.8% to $11,581.0 per ton.

Markets Look to U.S. Labor and Inflation Data

Investor attention this week is centered on fresh indicators of U.S. economic momentum, beginning with November nonfarm payrolls, which are scheduled for release later on Tuesday. The data is expected to indicate further signs of cooling in the U.S. labor market.

The jobs report precedes the November consumer price index data, due on Thursday, which will be monitored closely for any evidence of moderating inflation pressures.

Labor market conditions and inflation trends are the Federal Reserve’s two primary inputs for policy decisions. The central bank reiterated its data-dependent approach over the past week.

Declining U.S. interest rates typically enhance the appeal of non-yielding assets such as gold and silver. Both metals have registered strong gains so far in 2025 as U.S. rates have moved lower and uncertainty around the outlook for the U.S. economy has supported safe-haven positioning.

ANZ Sees Gold Above $5,000/oz in 2026

Analysts at ANZ argued that gold prices could move above $5,000 per ounce in 2026, pointing to rising safe-haven demand amid growing concerns over fiscal sustainability in developed economies.

“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.

The analysts highlighted several supportive factors for gold, including a worsening outlook for global growth, renewed frictions in global trade, and questions about the Federal Reserve’s independence as Chair Jerome Powell’s term comes to an end.

However, they also cautioned that, following what they described as a stellar rally in 2025, the rate of increase in gold prices is likely to slow in 2026, with gains projected in a range of 12% to 15%.