Gold prices snap four-day winning run

Gold bars

Gold prices declined on Thursday as investors await the release of the US monthly jobs report. This also came amid investors' profit-taking following the precious metal's record highs.

Gold futures for April delivery declined 0.55%, or $16.9, to 2,876.70 per ounce, ending a four-week winning streak.

The US dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.1% to 107.70 points at 11:02 pm Makkah time.

Economists expect non-farm payrolls to have risen by 170,000 in January, while the unemployment rate held steady at 4.1%, according to consensus estimates compiled by Bloomberg.

The stock of gold at the Bank of England has dropped by about 2% since the end of last year, said Deputy Governor Dave Ramsden, citing strong demand for the stock of gold at the central bank to capitalize on international price differentials.