New York, January 7, 2026, 07:08 EST — Premarket
- Spot gold fell 0.8% to $4,461.51/oz; U.S. gold futures eased 0.5%
- Traders cited profit-taking and a firmer dollar after a two-day safe-haven surge
- ADP payrolls due Wednesday; U.S. jobs report due Friday for Fed rate clues
Gold prices fell on Wednesday as the dollar held near a two-week high and traders reassessed the latest U.S.-Venezuela headlines after a sharp rally. Spot gold was down 0.8% at $4,461.51 an ounce by 10:01 GMT, while U.S. gold futures slid 0.5% to $4,471.30; silver fell 2.3% and platinum dropped 6%. Markets awaited the ADP private payrolls report due at 13:15 GMT for clues on the Federal Reserve’s next move.
The pullback follows a surge that pushed bullion within reach of its late-December record, as investors sought safety after U.S. forces captured Venezuelan President Nicolas Maduro, who pleaded not guilty to narcotics charges. “Precious metals traders see more risk on the horizon than stock and bond traders do,” said Jim Wyckoff, a senior analyst at Kitco Metals. Reuters
Investors are now turning to a run of U.S. labour data, with economists polled by Reuters expecting ADP to show a 47,000 rise in December private payrolls after a 32,000 drop in November. Markets are pricing in two Fed rate cuts in 2026 — a backdrop that can support gold because it pays no interest — and Friday’s U.S. nonfarm payrolls report is expected to show unemployment edging down to 4.5%, Reuters’ Morning Bid column said.
Gold-linked stocks were higher in early U.S. trading, tracking bullion’s recent run-up. Shares of SPDR Gold Shares were up about 1.1% premarket, while the VanEck Gold Miners ETF gained roughly 4.1%; Newmont rose about 5.5% and Agnico Eagle added about 3.1%.
Morgan Stanley, in a note dated Jan. 5, forecast gold could hit $4,800 an ounce by the fourth quarter of 2026, citing falling interest rates, a change in Fed leadership and continued buying by central banks and funds.
A firmer set of U.S. employment numbers could lift the dollar and push market rates higher, raising the opportunity cost of holding gold and amplifying the latest bout of profit-taking. Any further cooling in the Venezuela-driven risk premium would also test how much of this week’s rally was built on fast money.
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