Gold's Uncertain Path Amid Upcoming Economic Indicators

Gold prices experienced a slight decline while staying above the $5,000 mark, as investors awaited crucial U.S. jobs and inflation data. The metal's value fell 0.8% amid a weakened dollar, with experts predicting range-bound trading due to profit booking and market volatility.

Gold prices took a hit on Tuesday, although they remained above $5,000 per ounce as investors stayed cautious ahead of key U.S. economic releases later this week, which include jobs and inflation data.

Spot gold declined 0.8% to $5,022.57 per ounce at 0524 GMT, following a 2% gain on Monday due to the dollar's dip. The precious metal had previously reached a historic high of $5,594.82 on January 29.

U.S. gold futures for April delivery saw a 0.7% drop to $5,044.80 per ounce. Market watchers, like Ilya Spivak of Tastylive, note gold's built-in upward potential, yet emphasize that short-term Federal Reserve policy expectations are key. Meanwhile, other metals such as silver showed increased volatility, with its price slipping 2.8% to $81.08 an ounce.

(With inputs from agencies.)