Gold slips as upbeat US data boosts dollar, dims rate-cut bets

WAM
16 Jan 2026, 13:35 GMT+10

NEW YORK, 16th January, 2026 (WAM) -- Gold extended its losses on Friday after stronger-than-expected US economic data reduced expectations of near-term Federal Reserve rate cuts, while easing geopolitical tensions shrunk demand for safe-haven bullion.

Spot gold eased 0.2 percent to $4,604.29 per ounce by 0733 GMT. However, the metal is poised for a weekly gain of about 2 percent after scaling a record peak of $4,642.72 on Wednesday.

US gold futures for February delivery edged 0.3 percent lower to $4,608.90.

Additionally, spot silver shed 1.8 percent to $90.66 per ounce, although it was headed for a weekly gain of over 13 percent after hitting an all-time high of $93.57 in the previous session.

Spot platinum dropped 2.1 percent to $2,358.95 per ounce, while palladium lost 2.9 percent to $1,748.50 per ounce, after hitting a more than one-week low earlier.

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