Gold, silver prices pull back from recent gains with nonfarm payrolls on tap

Gold and silver prices fell in Asian trade on Tuesday, facing some profit-taking from recent gains as markets awaited key U.S. economic data, starting with nonfarm payroll readings due later in the day.

Precious metal prices rose sharply over the past week, following an interest rate cut and somewhat dovish signals from the Federal Reserve. Brewing concerns over a Chinese economic slowdown and U.S. liquidity troubles also fueled some haven demand.

Spot gold fell 0.4% to $4,289.38 an ounce, while gold futures for February fell 0.5% to $4,315.30/oz by 23:56 ET (04:56 GMT).

Spot silver slid 1.9% to $62.8595, appearing more susceptible to profit-taking after hitting a series of record highs in the past week. Silver futures fell 1.2% to $62.830/oz.

Among other metals, spot platinum was an outlier, rising more than 1% to an over 14-year high of $1,810.19/oz. Benchmark copper futures on the London Metal Exchange fell 0.8% to $11,581.0 a ton.

US Nonfarm payrolls, CPI data awaited for more cues 

Focus this week is squarely on more cues on the U.S. economy, starting with nonfarm payrolls data for November, due later on Tuesday.

The print is expected to show more signs of cooling in the U.S. labor market.

The payrolls print comes just days before key consumer price index inflation data for November, which is due on Thursday, and will be closely watched for any signs of cooling inflation.