SINGAPORE, Feb 10 (QNA/APP): Gold prices eased on Tuesday but remained above the $5,000-an-ounce level, as investors adopted a cautious stance ahead of key US employment and inflation data due later this week, which are expected to provide further insight into the future path of interest rates set by the US Federal Reserve.
Spot gold declined 0.7% to $5,029.49 an ounce, after recording solid gains in the previous session. The precious metal had risen around 2% on Monday, supported by a weaker US dollar, which fell to its lowest level in more than a week.
US gold futures for April delivery also edged lower, slipping 0.5% to $5,052.00 an ounce.
Other precious metals came under sharper pressure. Spot silver dropped 2.1% to $81.64 an ounce, following a nearly 7% surge in the prior session. Platinum fell 2.1% to $2,084.09 an ounce in spot trading, while palladium declined 1.7% to $1,710.75 an ounce.
In currency markets, the US dollar weakened, providing some underlying support for bullion prices. Meanwhile, the Japanese yen held onto recent gains after Sanae Takaichi secured a landslide victory in Japan’s prime ministerial election, boosting confidence in the yen.