Gold Slips as Investors Weigh US Data and Rising Geopolitical Risks

Gold prices eased to around $4,440 per ounce on Thursday, extending losses from the prior session as investors digested mixed U.S. economic signals while keeping a close eye on global geopolitical developments.

U.S. data painted a divided picture. Job openings fell more than expected in November, pointing to cooling labor demand, while private payroll growth in December also came in weaker than forecasts. Offsetting that softness, ISM data showed the services sector expanding faster than anticipated.

Markets are now focused on Friday’s nonfarm payrolls report, a key input for Federal Reserve policy expectations. Traders are currently pricing in two interest-rate cuts this year, though incoming data could shift that outlook.

Geopolitics added another layer of complexity. Washington announced plans to assert long-term control over Venezuelan crude sales and seized additional tankers linked to the country. The White House also confirmed discussions around acquiring Greenland, including scenarios involving military participation.

Supporting gold on the demand side, China’s central bank extended its gold-buying streak to 14 consecutive months in December, reinforcing the metal’s role as a strategic reserve asset despite short-term price pressure.