Gold and silver prices eased during Asian trading on Tuesday as investors took profits ahead of a series of key U.S. economic releases, starting with the November non-farm payrolls report due later in the day. Spot gold slipped 0.4% to $4,289 per ounce, while silver fell nearly 2% after hovering near record highs.
Precious metals surged over the past week, supported by mounting expectations of Federal Reserve rate cuts, dovish policy signals, and concerns about China’s economic slowdown and tightening liquidity conditions in the U.S. However, with markets now turning their attention to upcoming U.S. labor and inflation data — both likely to influence expectations for further monetary easing — a more cautious tone has taken hold.
Economists expect the non-farm payrolls report to confirm continued cooling in the labor market, while Thursday’s CPI release will serve as another important gauge for the Fed’s policy outlook. Analysts at ANZ reiterated their bullish long-term view on gold, forecasting prices could exceed $5,000 per ounce by 2026, though they expect gains to moderate after this year’s strong rally.