PRECIOUS-Gold falls as commodity index adjustments weigh ahead of US jobs report

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Bloomberg Commodity Index rebalancing starts this week

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US weekly jobless claims increase marginally

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US nonfarm payrolls data due on Friday

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HSBC sees gold at $5,000/oz in first half 2026

(Updates for AMERS morning session)

By Anmol Choubey

Jan 8 (Reuters) - Gold slipped on Thursday as commodity index readjustments kept ?pressure on prices in the near term, with investors also positioning ahead of closely watched U.S. nonfarm payrolls ?data.

Spot gold fell 0.5% to $4,432.94 per ounce, as of 09:39 a.m. ET (1439 GMT). ?U.S. gold futures for February delivery fell 0.4% to $4,442.50.

The ?annual Bloomberg Commodity Index ?rebalancing, which is a periodic adjustment of commodity weightings to keep the index aligned with market conditions, ?begins this week.

"There's just going to ?be pressure for the next few sessions on gold and silver while that commodity index readjusts," said RJO Futures senior market strategist ?Bob Haberkorn.

"Once the dust settles into ?mid-next week, ?it's going to present a good opportunity for the longest to get back in this market."

Investors are looking ahead to U.S. nonfarm payrolls data due ?on Friday for more clarity on the Federal Reserve's monetary policy, with a Reuters poll forecasting 60,000 jobs added in December versus 64,000 in the prior month. The unemployment rate is seen easing to 4.5% from 4.6%, according to the poll.

The market is currently pricing in two interest rate cuts ?by the ?Fed this year.

Gold, a non-yielding asset, tends to do well in low-interest rate environments.

Data showed U.S. jobless claims rose moderately last week, following ?reports on Wednesday that job openings fell more than expected in November and that private payroll growth undershot forecasts in December.

Meanwhile, ongoing geopolitical tensions were underscored by the seizure of two Venezuela-linked oil tankers in the Atlantic, alongside reports that U.S. Secretary of State Marco Rubio is set to meet Danish leaders next week to discuss Greenland.

HSBC now sees ?gold hitting $5,000 per ounce in the first half of 2026 on geopolitical risks and rising fiscal debts.

Spot silver lost 4.5% to $74.63 per ounce, platinum was down 3.7% at $2,221.44 per ounce, while ?palladium shed 2.6% to $1,718.25 per ounce. (Reporting by Anmol Choubey in Bengaluru; Editing by Shailesh Kuber)