Gold, silver climb on soft U.S. data; payrolls awaited.

Gold and silver edged higher in early Asian trading Wednesday after weak U.S. retail sales fueled expectations of a slowing economy, with investors awaiting payrolls data for clearer direction.

Despite the gains, precious metals remained volatile after retreating from record highs in late January, and have struggled to rebound. A softer dollar and weak U.S. data provided only modest support, while Middle East tensions sustained some safe-haven demand.

Spot gold rose 0.3% to $5,038.21 an ounce and April futures gained 0.6% to $5,061.45, still roughly $600 below recent peaks. Spot silver climbed 0.9% to $81.5135, and platinum added 0.9% to $2,105.86.

Metals rise following weak U.S. retail sales data.

Precious metals posted modest losses on Tuesday before rebounding Wednesday after December U.S. retail sales came in weaker than expected.

The softer data signaled cooling consumer spending amid persistent inflation and labor market pressures, raising concerns about the economic outlook. Expectations that the Federal Reserve may cut interest rates further this year weighed on Treasury yields and kept the dollar subdued, lending support to metal prices.

Investors are now focused on the upcoming nonfarm payrolls report for clearer signals on the economy. Signs of continued labor market weakness could strengthen bets on rate cuts, which typically favor non-yielding assets like gold.

However, uncertainty over U.S. monetary policy persists, particularly after President Donald Trump nominated Kevin Warsh as the next Fed chair. Warsh is seen as less dovish, a perception that has pressured metal markets since late January.

Sources: Ambar Warrick