Gold and silver prices are dipping now. And then that pullback is due to profit-taking and jitters ahead of key US jobs data.
That happened in Asian trade on Tuesday. Precious metal prices had a huge run last week, surging after the Federal Reserve cut interest rates and gave off some dovish signals. The thing is, now some investors are cashing out.
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The Price Action
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Spot Gold: Fell 0.4\% to 4,289.38 an ounce.
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Gold Futures (Feb): Dropped 0.5\% to 4,315.30/oz.
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Spot Silver: Slid 1.9\% to 62.8595. Silver seems more sensitive to profit-taking right now, especially after hitting a bunch of record highs in the past week, or nothing.
Here’s the kicker: one metal is going the opposite way. Spot Platinum was an outlier, rising over $1\%$ to an over 14-year high of 1,810.19/oz. Benchmark copper futures, meanwhile, fell $0.8\%$ to $11,581.0$ a ton.
Why the Pullback? US Data Jitters
The market focus is squarely on US economic indicators, which will shape the Federal Reserve’s next move.
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Nonfarm Payrolls (Today): The crucial nonfarm payrolls data for November is due out later on Tuesday. The print is widely expected to show more signs of cooling in the US labor market.
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CPI Data (Thursday): This comes just before the key Consumer Price Index (CPI) inflation data for November, due on Thursday. Investors will be watching this for signs of cooling inflation.
Let’s be real, labor strength and inflation are the Fed’s two biggest considerations for setting policy. If the data shows significant cooling, it could strengthen the case for even lower US rates. Lower rates boost non-yielding assets like gold and silver, which had stellar gains in 2025 as rates fell.
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The Long View: Gold to 5,000+
Despite the short-term dip, analysts at ANZ are extremely bullish on the long-term outlook.
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2026 Prediction: ANZ analysts expect gold prices to surpass 5,000/oz in 2026.
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The Bullish Case: The bullish momentum for gold and silver remains intact for the first half of 2026. This is based on multiple ongoing global concerns:
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Easing monetary policy (lower rates).
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Growing fiscal concerns in the developed world.
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Geopolitical risk and waning trust in US assets.
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A deteriorating outlook for global growth and renewed global trade tensions.
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The thing is, ANZ says that after the stellar run in 2025, the pace of gains might moderate in 2026, with annual increases seen in the 12% to 15% range. It’s an ongoing, strong bullish story.
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