Riyadh: Gold prices dipped on Thursday following stronger-than-expected US economic data, which reduced expectations of an imminent interest rate cut. Spot gold fell 0.4% to $4,598.52 an ounce, although it remains on track for weekly gains of around 2%. US gold futures for February delivery also declined 0.5%, settling at $4,601.80 an ounce.

According to Qatar News Agency, other precious metals saw sharper declines. Spot silver dropped 1.8% to $90.70 an ounce but is still set for weekly gains exceeding 13%, after hitting an all-time high of $93.57 in the previous session.

Platinum fell 2.8% to $2,342.14 an ounce, while palladium declined 2.3% to $1,759.07 an ounce, having touched a one-week low earlier.