Gold prices edged lower as improving risk appetite lifted global equities, reducing demand for safe havens ahead of key U.S. economic data.
Spot gold fell 0.2% to $5,055.29 an ounce, retreating from January’s record peak of $5,594.82.
U.S. gold futures were steady, reflecting a cautious market awaiting signals on interest-rate direction.
Analysts said renewed equity gains weighed on bullion, which typically struggles when investors favor higher-risk assets.
Non-yielding gold tends to benefit from low rates, keeping medium-term sentiment broadly supportive.
Markets expect two rate cuts this year from the Federal Reserve, according to the CME Group FedWatch tool.
Silver slipped 1.2% to $82.39 an ounce, giving back part of a sharp rally seen in the previous session.
