Gold prices stabilize after a five-day rise amid analysis of US data.
Gold has jumped 60% this year, while silver has doubled, marking its strongest annual performance since 1979.
Investors will now focus on inflation data due on Thursday.
Gold prices retreated after five days of gains as investors digested the latest economic data showing a continued slowdown in the US labor market.
According to data released Tuesday by the Bureau of Labor Statistics, job growth in the US remained weak in November, and the unemployment rate rose to its highest level in four years.
However, traders refrained from increasing their bets on further monetary easing by the Federal Reserve in the near term, as the US central bank is seen as less inclined to rely heavily on this data given the current economic turmoil. Traders estimated a 20% probability of an interest rate cut in January.
Lower interest rates are generally positive for gold, which does not pay interest.
Inflation data due soon
Investors will now focus on inflation data due on Thursday and on comments from several Federal Reserve officials expected to speak throughout the week.
Gold has surged more than 60% this year, and silver has more than doubled, with both metals on track for their best annual performance since 1979.
These gains have been fueled by increased central bank purchases and inflows into gold-backed exchange-traded funds (ETFs), whose holdings have risen every month this year except May, according to the World Gold Council.
Gold was trading at $4,305.55 an ounce at 12:21 p.m. New York time. It reached an all-time high of $4,381.52 an ounce in October. Silver fell 0.8%. Platinum and palladium, on the other hand, rose. The Bloomberg Dollar Index slipped 0.2%.
Original article from Bloomberg
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