Gold Holds Steady Above $5,000 Ahead of U.S. Data

Gold prices fell on Tuesday but stayed above the $5,000-per-ounce mark as investors awaited crucial U.S. economic data. Spot gold declined 0.8% to $5,022.57 per ounce by early trading. The metal had risen 2% on Monday after the dollar weakened to a one-week low. Gold reached a record high of $5,594.82 on January 29.

U.S. gold futures for April delivery also dropped 0.7%, closing at $5,044.80 per ounce. Meanwhile, spot silver slipped 2.8% to $81.08 per ounce after gaining nearly 7% in the previous session. Silver had hit an all-time high of $121.64 on January 29.

Analysts said gold retains upside potential, but short-term expectations of U.S. Federal Reserve policies could affect prices. Ilya Spivak of Tastylive noted gold is being pulled back to the $5,000 level. He added that silver is more volatile due to speculative trading.

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Investors are focused on a string of upcoming U.S. economic reports, including retail sales, nonfarm payrolls, and inflation data. Markets currently expect at least two 25-basis-point rate cuts in 2026, starting in June. Analysts said non-yielding bullion tends to perform well in low-interest-rate environments.

Other precious metals also saw declines, with spot platinum dropping 2.3% to $2,075.18 per ounce and palladium falling 1.3% to $1,718.37. Analysts warned that short-term trading may remain range-bound due to profit booking. Gold and silver support levels were noted at $5,000 and $80 respectively.