Dubai: Gold prices dipped on Thursday as the US dollar strengthened following stronger-than-expected January jobs data, which dampened expectations for near-term interest rate cuts. Investors are now focusing on inflation data due on Friday for further monetary policy insights.
According to Emirates News Agency, spot gold edged 0.3 percent lower to $5,065.98 per ounce by 0318 GMT, after closing Wednesday with a gain of more than 1 percent. Meanwhile, US gold futures for April delivery decreased by 0.2 percent to $5,087.30 per ounce.
The US dollar index rose in response to the unexpectedly strong employment report, indicating underlying economic health in the US. A stronger dollar typically makes metals priced in the greenback more expensive for holders of other currencies.
In related market movements, spot silver fell 0.3 percent to $83.81 per ounce, following a 4 percent increase on Wednesday. Spot platinum also shed 0.3 percent to $2,126.52 per ounce, while palladium saw a rise of 1.4 percent to $1,722.67.
