Gold prices fell on Thursday under pressure from a stronger U.S. dollar as investors awaited a key U.S. jobs report that could offer fresh insight into the path of U.S. monetary policy.

Gold in spot transactions slipped about 0.3% to $4,440.67 per ounce by 0344 GMT, retreating from a more than one-week high reached in the previous session. U.S. gold futures for February delivery also fell 0.3% to $4,449.60 per ounce.

Bernard Sin, regional director for China at MKS PAMP, said traders are weighing escalating geopolitical tensions - including U.S. intervention in Venezuela and the possibility of Greenland becoming a flashpoint - alongside macroeconomic data from the United States.

Sin added that weak U.S. job data has increased expectations for further Federal Reserve interest rate cuts, which typically support prices of non-yielding assets such as gold.

Gold (Websites).

Gold prices are currently about $110 below the record high of $4,549.71 set on December 29, pressured by the strengthening dollar and profit-taking. Investors are now focused on the U.S. non-farm payrolls data scheduled for release on Friday for further clues on the Fed’s policy direction.

Other precious metals also declined. Silver slipped 0.4% in spot transactions to $77.85 per ounce after hitting an all-time high of $83.62 on December 29. Platinum dropped 0.8% to $2,288.23 per ounce after reaching a record peak last Monday, while palladium fell 0.5% to $1,756.42 per ounce.