By Noel John

A shop attendant displays pairs of gold bracelets for Chinese weddings in a jewellery store in Hong Kong, China, February 4, 2026. REUTERS/Tyrone Siu

(Reuters) - Gold prices eased on Tuesday, as improved risk appetite lifted global equities, while investors awaited a series of U.S. economic data later this week that could shape the outlook for U.S. interest rates.

Spot gold fell 0.4% to $5,042.63 per ounce by 1213 GMT. It had scaled a record high of $5,594.82 on January 29.

U.S. gold futures for April delivery lost 0.3% to $5,065.60 per ounce.

"The start of the week has been marked by a resurgence in risk appetite across financial markets, reflected in gains in equity indices, which has weighed on gold prices," said ActivTrades analyst Ricardo Evangelista.

Global stocks advanced in Asian trade, led by an extended rally in Tokyo after Japanese Prime Minister Sanae Takaichi's decisive election victory over the weekend.

The U.S. dollar edged up 0.1%, making dollar-denominated commodities expensive for holders of other currencies.

Investors will scrutinize a slate of U.S. economic data releases scheduled for this week, including January's nonfarm payrolls report on Wednesday and inflation data on Friday, for clues to the Federal Reserve's interest rate path.

Non-yielding bullion tends to do well in a low-interest-rate environment.

Traders expect two rate cuts by the Fed this year, according to CME Group's FedWatch tool. FEDWATCH

"The outlook for gold prices remains bullish, against a backdrop of geopolitical and economic uncertainty and the prospect of at least two Federal Reserve interest rate cuts in 2026, which create a headwind for the U.S. dollar," Evangelista said.

Meanwhile, White House economic adviser Kevin Hassett said on Monday that U.S. job gains could be lower in the coming months due to slower labor force growth and higher productivity.

Spot silver slipped 1.7% to $81.89 an ounce, after rising nearly 7% in the previous session.

Spot platinum shed 1.5% to $2,091.44 per ounce, while palladium lost 1.6% to $1,713.25.

Reporting by Noel John in Bengaluru; Editing by Kevin Liffey and Shailesh Kuber

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