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Gold drops from record high; US jobs data is the focus.

Gold prices fell on Thursday as investors locked up profits and shifted their attention to the key U.S. employment data, which could provide further insight into Federal Reserve policy.

As of 0838 GMT, spot gold dropped 0.4% to $3542.97 an ounce. U.S. Gold Futures for December Delivery fell 0.9% to $3.601.40.

On Wednesday, spot gold reached a new record of $3.578.50 amid increasing bets on a U.S. Federal Reserve interest rate cut. There are also lingering economic and geopolitical uncertainties.

StoneX analyst Rhona o'Connell stated that the market had been overbought.

If the claims for joblessness are out of line we may see a change in prices - down, if low, or up, if high.

Focus is on the ADP report, due later today, and on Friday's non-farm payrolls in the United States.

Data showed that job openings in July were lower than expected at 7.181 millions. Data showed that job openings fell more than expected to 7.181 million in July.

According to CME Group's FedWatch, the market now prices in a 98% probability of a rate cut of 25 basis points this month.

Gold that does not yield is usually more profitable in low interest rate environments and during times of uncertainty.

Donald Trump, the U.S. president, said that if Washington loses its Supreme Court case on tariffs, it may have to "unwind' trade agreements it has made with other countries, such as Japan, South Korea, and the European Union.

Goldman Sachs stated that if private investors increased their gold purchases, the price of gold could rise well above its baseline $4,000 by mid-2026.

Silver spot fell 0.7%, to $40.92 an ounce after reaching its highest level since September 2011.

Palladium fell 1% and platinum 1.4%, to $1136.12. (Reporting by Ishaan Arora in Bengaluru; Editing by Sumana Nandy)

(source: Reuters)