Gold slips from record peak

Gold prices fell nearly 1 percent on Thursday, retreating from a record high hit earlier in the session, after Federal Reserve Bank of Dallas President Lorie Logan urged caution on further interest rate cuts.

Spot gold was down about 1 percent at $3,828.75 per ounce by 11:35 a.m. ET (1535 GMT). U.S. gold futures for December delivery fell 1.1 percent to $3,853.20.

Logan said the U.S. central bank appropriately took out some insurance against any sharp deterioration in the labor market with its interest-rate cut last month, but needs to be “cautious” with any further rate cuts.

Gold Rates Today In Pakistan

“Gold is lower after the comments. While one Fed governor isn’t going to necessarily set the tone for what the whole Fed is going to do, it throws some caution in the market on how aggressive the Fed is going to be in their next meeting,” said RJO Futures market strategist Bob Haberkorn.

Traders are pricing in a 99 percent chance that the U.S. central bank will cut rates further at its meeting this month.

Gold, viewed as a safe-haven asset during times of uncertainty, thrives in a low-interest-rate environment. It has risen 46 percent so far this year.

Spot prices had hit a record high of $3,896.49 earlier in the session amid the ongoing U.S. government shutdown.

The shutdown extended to a second day on Thursday, potentially delaying key economic data releases, including the closely watched non-farm payrolls (NFP) report due Friday. The weekly jobless claims report, a key gauge of labor market health that was due on Thursday, was also not released.

“With trade tensions and tariffs shaping the global landscape, and with geopolitical hotspots showing little sign of resolution, the environment remains supportive for safe-haven demand,” financial services firm StoneX said in a note.

Gold remains Goldman Sachs’ highest-conviction long commodity recommendation, the bank said in a note on Wednesday, adding that upside risks to its $4,000 per ounce mid-2026 and $4,300/oz December 2026 gold price forecast have intensified.

Elsewhere, spot silver eased 2.7 percent to $46.06 per ounce, platinum lost 1.2 percent to $1,539.10 and palladium fell 1.8 percent to $1,221.90.