Key Moments
- Spot gold fell 0.5% to $4,436.62 an ounce and U.S. Gold Futures dipped 0.4% to $4,442.86/oz in Asian trading.
- A firmer U.S. dollar and profit-taking weighed on bullion as markets awaited the upcoming U.S. nonfarm payrolls report.
- Heightened U.S.-Venezuela tensions and related oil tanker seizures helped limit downside in gold by supporting safe-haven demand.
Gold Pulls Back After Early-Week Rally
Gold prices moved lower in Asian dealings on Thursday, extending the previous session’s declines as investors unwound part of the sharp gains seen earlier in the week. A stronger U.S. dollar and profit-taking combined to reduce demand for the metal ahead of key U.S. labor market data.
By 06:40 GMT, spot gold was down 0.5% at $4,436.62 per ounce. U.S. Gold Futures eased 0.4% to $4,442.86 per ounce, as some traders chose to lock in gains following recent rallies.
The firm dollar made gold more costly for investors holding other currencies. The U.S. Dollar Index was described as steady after posting gains in the prior two sessions.
Gold (#XAUUSD) is slipping for the second straight day, hitting a three-day low near $4,430.
No clear catalyst, mostly profit-taking ahead of Friday’s US Nonfarm Payrolls.
That number will give fresh clues on Fed rate-cut odds, USD strength, and ultimately the path for… pic.twitter.com/MpMD9mmRKI
— Daniel Tschinkel (@Blockstradamus_) January 8, 2026
Focus on U.S. Payrolls and Fed Policy Outlook
Market participants stayed guarded ahead of Friday’s U.S. nonfarm payrolls release, which is viewed as a pivotal indicator for the trajectory of Federal Reserve interest rate decisions. The upcoming data remained a central driver of sentiment in bullion markets.
Softer employment figures could reinforce expectations for interest rate cuts, a scenario that tends to enhance the attractiveness of gold as a hedge in an environment of potentially lower yields.
U.S.-Venezuela Dispute Helps Underpin Safe-Haven Demand
Geopolitical developments helped cushion some of gold’s losses. Ongoing tensions between the United States and Venezuela continued to lend support to safe-haven flows into the precious metal.
On Wednesday, U.S. forces seized two oil tankers tied to Venezuelan crude shipments, including one vessel sailing under a Russian flag, marking an escalation in Washington’s enforcement of sanctions related to Venezuelan oil exports.
U.S. officials stated that the actions were intended to disrupt sanctioned oil flows that are providing funding to the Venezuelan government and circumventing U.S. restrictions.
The seizure of the Russian-flagged tanker prompted criticism from Moscow, which called the move “blatant piracy” and demanded the return of its nationals among the crew, according to reports.
For gold, these heightened U.S.-Venezuela frictions offered a measure of support to safe-haven interest, even as traders awaited clearer direction from the forthcoming U.S. payrolls numbers.
Broad-Based Pressure Across Metal Markets
The weakness in gold was mirrored across other precious and industrial metals on Thursday.
| Metal / Contract | Price | Move |
|---|---|---|
| Spot Gold | $4,436.62/oz | -0.5% |
| U.S. Gold Futures | $4,442.86/oz | -0.4% |
| Silver | $76.32/oz | -2.3% |
| Platinum | $2,207.60/oz | -4.3% |
| Benchmark Copper Futures (LME) | $12,854.20/ton | -0.3% |
| U.S. Copper Futures | $5.85/lb | Flat |
Silver prices declined 2.3% to $76.32 per ounce, and platinum fell 4.3% to $2,207.60 per ounce. In base metals, benchmark Copper Futures on the London Metal Exchange slipped 0.3% to $12,854.20 a ton, while U.S. Copper Futures were unchanged at $5.85 a pound.
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