PRECIOUS-Gold slips as strong US jobs data offsets Iran tensions

(Rewrites for US market open)

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US job growth increases in January

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Trump, Netanyahu not yet at "definitive" Iran agreement

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Inflation data due on Friday

By Anjana Anil

Feb 12 (Reuters) - Gold prices eased on Thursday as strong U.S. labour data ?that dampened hopes of near-term Federal Reserve rate ?cuts offset safe-haven demand stirred by geopolitical tensions between the U.S. and Iran.

Spot gold edged 0.4% lower ?to $5,059.87 per ounce by 9:30 a.m. ET (1430 GMT). U.S. gold futures for ?April delivery lost 0.3% to $5,085.10 per ounce.

"A mix of factors ?impacting gold today. ?Certainly the better-than-expected payrolls print yesterday is a significant one - it dims the likelihood of Fed rate ?cuts in the first half of this year, ?which is a headwind that is perhaps limiting the upside," said Peter Grant, vice president and senior metals strategist at Zaner ?Metals. Data released on Wednesday showed the ?U.S. job ?market began 2026 on firmer footing than expected, reinforcing the view that policymakers may keep rates elevated for longer. Nonfarm payrolls rose by 130,000 ?jobs in January, following a downwardly revised 48,000 increase in December, while ?the unemployment rate edged down to 4.3%.

Initial jobless claims fell to 227,000 in the week ended Feb. 7, data showed on Thursday.

Resilient labour market conditions reinforce the Fed's confidence in the economy, allowing policymakers to maintain elevated rates to ?ensure ?inflation continues to ease. Bullion, in turn, is pressured by ?high interest rates due to its non-yielding nature.

Investors now await U.S. inflation data ?due on Friday for more cues on the Fed's monetary policy path.

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US and Iran is a bit of a tailwind," Grant added. U.S. President Donald Trump met Israeli Prime Minister Benjamin Netanyahu on Wednesday and later said they had not reached any "definitive" agreement regarding Iran, but emphasised that negotiations with Tehran would continue.

Global uncertainty pushes ?investors towards gold, an asset traditionally known as a safe store of value.

In other metals, silver fell 1.2% to $83.01/oz, after a 4% climb on Wednesday. Spot ?platinum shed 0.6% to $2,119.83/oz, while palladium ?rose 0.5% to $1,708.25. (Reporting by Anjana Anil in Bengaluru; ?Editing by Tasim Zahid)