Muscat: Spot gold slipped 0.60% to $3,618.74 per ounce at the time of writing, retreating from Tuesday’s record high of $3,673.95. US gold futures for December delivery also eased 0.58% to $3,660.50.

Other precious metals followed suit, with silver falling 0.51% to $40.96 per ounce, platinum down 1.04% at $1,379.31, and palladium dipping 0.01% to $1,182.04.

The US dollar index rose 0.2% to a near one-week high, making gold more expensive for buyers holding other currencies. Analysts noted that profit-taking has added pressure, but sentiment remains bullish as long as prices hold above $3,600.

Thursday’s movements came after US data showed producer prices unexpectedly declined in August, following weaker job market figures and revisions that revealed nearly one million fewer jobs than previously estimated. The softer data bolstered expectations of monetary easing, limiting gold’s downside.

Markets now await weekly jobless claims and Consumer Price Index (CPI) figures, which could shape the Fed’s decision at next week’s meeting. Current forecasts point to a 25 basis point rate cut, with traders pricing in a slim chance of a deeper 50 basis point move.