Gold prices edged lower in Asian trading on Thursday, while silver hovered near recent record highs as markets awaited key US inflation data and a series of major central bank decisions.
Metals markets experienced some profit-taking after a sharp rally last week due to increased uncertainty surrounding the US economy. Demand for safe-haven assets remains high ahead of the release of US inflation data later today.
The potential stumbling block in peace talks between Russia and Ukraine – amid disagreements over territorial concessions and Moscow’s frozen assets abroad – also provided support for safe-haven assets.
Spot gold fell 0.1% to $4,334.48 an ounce, while February gold futures contracts declined 0.2% to $4,364.90 an ounce by 08:42 Saudi time.
Spot silver rose 0.5% to $66.5095 an ounce, remaining close to Wednesday's record high of $66.90. Platinum outperformed, with spot prices climbing to $1,977.80 an ounce, nearing its record high of over $2,200.00 an ounce.
Silver and platinum significantly outperformed gold this week. While gold rose by 0.7%, silver gained over 7%, and platinum surged by 12.2%.
Increased US economic uncertainty ahead of consumer price index data
Uncertainty surrounding the US economy intensified this week, particularly as official government data provided mixed signals about the labor market. The Federal Reserve's asset purchases also raised some concerns about market liquidity in the country.
