Gold Holds Near Record Highs Ahead of Key US Data

Gold prices hovered near record levels around $4,300 per ounce on Tuesday as investors stayed cautious ahead of the US nonfarm payrolls report, a key gauge for assessing the Federal Reserve’s policy direction.

Additional focus is on upcoming retail sales and preliminary manufacturing data, while November inflation figures due Thursday could further shape expectations for interest rates.

Markets are currently pricing a 75.6% chance that the Fed will keep rates unchanged at its January meeting, though expectations remain for two rate cuts next year.

Gains in gold were capped by easing geopolitical tensions, after US President Donald Trump said a Russia–Ukraine peace deal is “closer than ever,” reducing demand for safe-haven assets.