Gold prices moved lower during Asian hours on Wednesday, easing back from recent record levels as investors took profits after a strong rally. The pullback came alongside a firmer U.S. dollar and ahead of closely watched U.S. economic data, while geopolitical tensions remained elevated.
Spot gold fell about 1% to $4,450.55 an ounce by 02:13 ET, while March U.S. gold futures slipped 0.8% to $4,460.55 an ounce. The decline followed two sessions of sharp gains driven by safe-haven buying after a dramatic escalation in tensions between Washington and Caracas.
The rally lost steam as traders reduced exposure and shifted focus toward macroeconomic developments. A modest rebound in the dollar added further pressure, making bullion more expensive for holders of other currencies.
Geopolitical risks remain a key backdrop after U.S. forces carried out an operation in Venezuela that resulted in the capture of President Nicolás Maduro, an event that initially boosted demand for gold. More recently, U.S. President Donald Trump said Washington plans to market Venezuelan oil and is holding talks with Caracas over future energy arrangements. While the prospect of Venezuelan crude returning to global markets has eased some oil supply concerns, it has done little to calm broader geopolitical nerves.
Markets are now turning their attention to upcoming U.S. economic releases, particularly Friday’s non-farm payrolls report, which is expected to influence expectations for Federal Reserve policy. With investors pricing in two additional rate cuts this year, the broader monetary backdrop remains supportive for gold, which does not generate yield.
Elsewhere across metals markets, prices also pulled back from recent peaks. Silver dropped 2.1% to $79.26 an ounce, while platinum slid 6% to $2,302.60 an ounce. In base metals, copper futures eased both in London and the U.S. after hitting record highs earlier in the week.