Gold and silver prices declined during Asian trading on Tuesday, as investors locked in profits after last week’s strong rally while awaiting key U.S. economic data, starting with nonfarm payrolls figures due later in the day.
Precious metals had surged over the past week following an interest rate cut and a slightly dovish policy tone from the Federal Reserve. Additional support came from rising concerns over a slowdown in China’s economy and strains in U.S. liquidity, which boosted demand for safe-haven assets.
Spot gold slipped 0.4% to $4,289.38 per ounce, while February gold futures fell 0.5% to $4,315.30 an ounce. Silver saw steeper losses, with spot prices dropping 1.9% to $62.86 after recently hitting multiple record highs. Silver futures declined 1.2% to $62.83 per ounce.
Among other metals, platinum stood out, climbing more than 1% to its highest level in over 14 years at $1,810.19 per ounce. Meanwhile, benchmark copper futures on the London Metal Exchange eased 0.8% to $11,581 per metric ton.
U.S. payrolls and inflation data in focus
Attention this week is firmly on incoming signals from the U.S. economy, beginning with November’s nonfarm payrolls report. The data is expected to point to further cooling in the labor market.
The payrolls release comes just ahead of U.S. consumer price index inflation figures scheduled for Thursday. Investors will closely watch the inflation data for confirmation that price pressures continue to ease.
Labor market conditions and inflation remain the Federal Reserve’s primary factors when adjusting monetary policy. The central bank has reiterated its data-dependent approach in recent communications.
Lower U.S. interest rates typically increase the appeal of non-yielding assets such as gold and silver. Both metals have posted strong gains so far in 2025 as rates declined and uncertainty surrounding the U.S. economic outlook intensified demand for safe havens.
ANZ sees gold above $5,000 in 2026
Analysts at ANZ said they expect gold prices to climb above $5,000 per ounce in 2026, driven by rising safe-haven demand amid growing concerns over fiscal stability in developed economies.
According to the bank, easing monetary policy, geopolitical risks, and declining confidence in U.S. assets continue to support investment in real assets such as gold and silver, particularly into the first half of 2026.
ANZ also pointed to a weakening global growth outlook, renewed trade tensions, and questions surrounding the Federal Reserve’s independence as additional bullish factors for gold.
However, the analysts cautioned that after a strong rally in 2025, gold’s pace of gains is likely to slow next year, with price increases expected to moderate to a range of 12% to 15%.
