Gold prices inched back to around $4,870 per ounce on Friday, recouping some of the losses from earlier in the week.
The metal remains under pressure, with most of its year-to-date gains erased after January’s record highs prompted heavy selling.
Economic data continues to weigh on sentiment. US job cuts in January reached 108,400, the highest for the month since 2009, while initial claims rose to 231,000 and ADP payrolls came in below expectations.
Weaker labor data has reinforced market expectations for Federal Reserve rate cuts later this year, with investors eyeing a possible first move in June.
On the geopolitical front, the White House signaled a preference for diplomacy with Iran, while leaving military options available, keeping markets alert to potential tensions.
Over the week, gold has held a cautious tone, tracking its second consecutive weekly loss, even as investors watch for further economic and policy signals.