By: Economy Middle east

Gold prices edged lower on Thursday, weighed down by a stronger U.S. dollar as investors positioned ahead of a closely watched U.S. jobs report later this week that could offer fresh clues on the outlook for U.S. monetary policy, while also factoring in Washington’s pressure on Venezuela.

Spot gold slipped 0.55 percent to $4,426.4 an ounce by 5:27 GMT, retreating from an over one-week high reached in the previous session. U.S. gold futures for February delivery also eased 0.68 percent to $4,432.10.

In the UAE, gold rates also marked notable declines, with 24-carat gold falling AED2.5 to AED533.75 and 22-carat gold easing AED2.25 to AED494.25. Additionally, 21-carat gold inched down AED2 to reach AED474, while 18-carat gold declined AED1.75 to AED406.25.

Meanwhile, 14-carat gold fell AED1.25 to AED317.

Venezuela tensions in focus

As gold prices fluctuate, market participants are balancing rising geopolitical risks, including U.S. involvement in Venezuela and the possibility of tensions over Greenland under Trump’s so-called “Donroe Doctrine,” with incoming U.S. economic signals.

The United States seized two oil tankers linked to Venezuela in the Atlantic Ocean on Wednesday, including one operating under a Russian flag, as part of President Donald Trump’s assertive strategy to control oil flows across the Americas.

Investors await U.S. non-farm payrolls report

In addition, weaker employment data has recently strengthened expectations for additional Federal Reserve rate cuts, lending support to non-yielding gold. However, overall sentiment remains cautious, as investors stay alert to price volatility and the risk of profit-taking at elevated levels.

Gold is trading roughly $110 below its record high of $4,549.71 reached on December 29, with advances capped by a stronger dollar and bouts of profit-taking. The U.S. dollar index rose 0.05 percent to 98.73 on Thursday.

Data released on Wednesday showed U.S. job openings fell to a 14-month low in November, while hiring activity remained subdued, signaling a cooling labor market. Investors are now turning their attention to Friday’s U.S. non-farm payrolls report for further insight into the future path of monetary policy.

Other precious metals

As gold prices declined, the broader precious metals market edged down. Spot silver slipped 2.37 percent to $76.03 an ounce, retreating after reaching a record high of $83.62 on December 29.

HSBC expects silver prices to range between $58 and $88 an ounce in 2026, supported by tight physical supply, strong investment demand and elevated gold prices, though it cautioned that a correction could emerge later in the year.

Meanwhile, spot platinum fell 2.28 percent to $2,253.75 an ounce, easing from an all-time high of $2,478.50 hit last Monday. Palladium also declined, shedding 1.44 percent to $1,738.93 an ounce.