Dollar Steadies Ahead of ECB and BoE Decisions as Markets Turn Risk-Off 
India Services Sector Rebounds in January as New Business Gains Momentum: HSBC PMI Shows Growth 
China Services PMI Hits Three-Month High as New Orders and Hiring Improve 
Japan Services Sector Records Fastest Growth in Nearly a Year as Private Activity Accelerates 
U.S. Stock Futures Edge Lower as Tech and AI Stocks Drag Wall Street Ahead of Key Earnings 
Oil Prices Climb as Middle East Tensions and U.S. Inventory Data Boost Market Sentiment 
Trump Administration Sued Over Suspension of Critical Hudson River Tunnel Funding 
Asian Markets Slip as AI Spending Fears Shake Tech, Wall Street Futures Rebound 
Australian Scandium Project Backed by Richard Friedland Poised to Support U.S. Critical Minerals Stockpile 
Asian Currencies Trade Sideways as Dollar Stabilizes, Yen Weakens Ahead of Japan Election 
Dollar Steady as Fed Nomination and Japanese Election Shape Currency Markets 
South Korea’s Weak Won Struggles as Retail Investors Pour Money Into U.S. Stocks 
Australia’s December Trade Surplus Expands but Falls Short of Expectations 
U.S. Stock Futures Edge Higher as Tech Rout Deepens on AI Concerns and Earnings 
Stephen Miran Resigns as White House Economic Adviser Amid Federal Reserve Tenure 
RBA Raises Interest Rates by 25 Basis Points as Inflation Pressures Persist 
Gold prices reversed early gains and moved lower during Asian trading on Thursday, pressured by a strengthening U.S. dollar and reduced demand for safe-haven assets. Investor focus has shifted toward upcoming central bank meetings and key U.S. labor market data, prompting traders to favor the greenback over precious metals.
Spot gold declined 1.1% to $4,912.26 per ounce by 21:17 ET (02:17 GMT), while April gold futures slipped 0.4% to $4,929.25 per ounce. The pullback followed a strong rebound on Wednesday, when spot prices climbed as high as $5,092.31 before falling back below the psychologically important $5,000 level by the end of the session.
One major factor weighing on gold prices was easing geopolitical tension. The United States and Iran confirmed that diplomatic talks are scheduled for Friday, reducing fears of an immediate military escalation in the Middle East. This development cooled safe-haven demand, which had previously supported gold during periods of heightened uncertainty.
A stronger U.S. dollar also contributed to losses in gold and other metals. Currency markets saw increased demand for the greenback ahead of interest rate decisions from the Bank of England and the European Central Bank, both expected later Thursday. Traders are also positioning ahead of the highly anticipated U.S. nonfarm payrolls report due Friday, which could influence expectations around future interest rate policy.
Dollar strength was further supported by political developments in the United States after President Donald Trump nominated Kevin Warsh as the next Federal Reserve chair. Warsh is widely viewed as less dovish, with markets anticipating tighter monetary policy even if interest rates eventually decline.
Other precious metals followed gold lower. Spot silver dropped sharply, falling 6.9% to $82.3130 per ounce after posting a strong rally in the previous session. Despite its strong performance in recent months due to industrial demand, silver has faced increased volatility amid profit-taking and dollar gains. Spot platinum fell 3% to $2,167.59 per ounce, while benchmark copper futures on the London Metal Exchange eased 0.6% to $12,986 per tonne.
Overall, precious metal prices remain sensitive to currency movements, central bank signals, and global economic data, keeping investors cautious in the near term.
