Muscat: Spot gold fell 0.7% to $5,029.49 an ounce, after gaining 2% in the previous session when the dollar slid to its weakest level in more than a week. Prices had surged to a record high of $5,594.82 on January 29.
US gold futures for April also edged lower, down 0.5% to $5,052.0.
Silver saw sharper losses, sliding 2.1% in spot trading to $81.64 an ounce after nearly a 7% jump in the prior session. The metal had touched an all-time high of $121.64 on January 29.
Currency markets added to the cautious mood, with the dollar weakening while the yen held onto gains following Japanese Prime Minister Sanae Takaichi’s landslide election victory.
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Market participants broadly expect the Fed to cut interest rates at least twice this year, by 25 basis points each, with the first move likely in June.
Elsewhere in precious metals, platinum fell 2.1% to $2,084.09 an ounce, while palladium declined 1.7% to $1,710.75.
