Gold prices fell about 1% on Thursday as investors took profits after three consecutive days of increase.
Currently, the market is paying attention to the US employment report released on Friday to find clues about the interest rate path of the US Federal Reserve (FED) in the context of growing concerns about global trade tensions.
Spot gold fell 0.9% to $2,893.63/ounce at 09:58 GMT, but has still gained more than 10% since the start of the year. Gold prices previously hit a record high of $2,956.15 an ounce on February 24.
Gold is under profit-taking pressure as investors closely monitor tariff developments, with trading prices around $2,900/ounce ahead of the non-farm payrolls report, said Lukman Otunuga, senior analyst at FXTM.
The market is still focusing on escalating global trade tensions after the US imposed a 25% tariff on imports from Mexico and Canada on Tuesday, and new tariffs on Chinese goods.
Meanwhile, Asian stocks increased as investors expected trade tensions to cool down after US President Donald Trump temporarily exempted tariffs on a number of automakers within a month.
Investors often turn to gold as a safe haven asset in the context of geopolitical and economic instability.
Without a new catalyst, the current price trend could take gold lower. If prices fall below $2,900/ounce, this could open up a deeper downtrend to $2,880/ounce, Otunuga predicted.
Currently, the market is waiting for the US non-farm payroll report, which is expected to show that the country's economy will create 160,000 more jobs in February, according to a Reuters survey.
In a report, UBS (a Swiss-based multinational financial group specializing in investment banking, asset management and personal asset management) forecasts a 500,000-ounce shortage of platinum - equivalent to 6.4% of demand - in 2025, extending the supply deficit for the third consecutive year. platinum prices fell 0.5% to $ 960.73/ounce.
The market deficit will continue to reduce inventories to below 3 million ounces and support prices to increase to 1,100 USD/ounce this year, UBS said.
Spot silver fell 1% to 32.30 USD/ounce, while gold lost 1%, to 933.18 USD/ounce.
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