- Silver hit a record high of $58.98/oz on Wednesday
- US private payrolls fell by 32,000 jobs data on Wednesday showed
- U.S. weekly jobless claims due at 1330 GMT today
Dec 4 (Reuters) - Gold ticked lower on Thursday as gains in equities markets in Asia and Europe weighed on safe-haven demand, while investors turned their attention to next week's U.S. Federal Reserve meeting and upcoming U.S. data that could shape the outlook for interest rates.
Spot gold slipped 0.2% to $4,199.06 per ounce, as of 1141 GMT. U.S. gold futures for February delivery were down 0.1% at $4,229 per ounce.
"Gold bulls remain on the sidelines ahead of tomorrow's PCE inflation figures. This, together with an uptick in risk appetite across equity markets, is limiting the upside for gold prices," ActivTrades analyst Ricardo Evangelista said.
Global shares edged up on Thursday, powered by expectations that a U.S. rate cut next week will support the world's largest economy after a raft of data showed employment is slowing.
U.S. private payrolls fell by 32,000 in November, the steepest drop in more than two and a half years, Wednesday's ADP report showed, though still-low layoffs indicate the decline may overstate labor-market weakness.
Investors are now focused on U.S. weekly jobless claims due later today and Friday's delayed September Personal Consumption Expenditures (PCE) Index, the last key data points before next week's FOMC meeting.
Markets assign an 89% chance of a rate cut next week, according to the CME's FedWatch tool, while major brokerages also expect easing at the December 9–10 meeting.
Lower interest rates tend to favour non-yielding assets such as gold.
Meanwhile, silver fell 1.7% to $57.5 after touching a record high of $58.98 on Wednesday.
Silver has risen 101% so far this year due to concerns about market liquidity after outflows to U.S. stocks, its inclusion in the U.S. critical minerals list and a structural supply deficit.
"Market participants may be front running given the massive capex expected with regards to AI and data centers, both of which are likely to lead to increased demand for silver and increase the supply/demand deficit heading into 2026," said Zain Vawda, analyst at MarketPulse by OANDA.
Platinum lost 1.8% to $1,641.95, while palladium slid 1.8% to $1,434.
Reporting by Pablo Sinha in Bengaluru. Editing by Jane Merriman and Louise Heavens
Source: Reuters