Brian Lan, CEO of Gold Silver Central, said: “We have seen some profit-taking, but gold is still in a bullish market currently. We would not be surprised if gold prices rise to $3,800 or even higher in the near term.”

Gold declined on Thursday due to profit-taking after hitting an all-time high amid expectations of US interest rate cuts, while investors await key US jobs data scheduled for release this week.

Analysts viewed the decline as a result of some profit-taking, but gold remains in a bullish market for now.

Spot gold prices fell 0.3% to $3,546.73 per ounce in early Thursday trading, after reaching an all-time high of $3,578.50 on Wednesday.

US gold futures for December delivery dropped 0.8% to $3,605.60.

Brian Lan, CEO of Gold Silver Central, stated: “We have seen some profit-taking, but gold remains in a bullish market currently. Expectations of interest rate cuts and concerns about Federal Reserve independence are boosting demand for the safe haven.”

He added: “We would not be surprised if gold prices rise to $3,800 or even higher in the near term.”

The US Department of Labor announced on Wednesday that job openings fell more than expected to 7.181 million in July.

Several Federal Reserve officials confirmed that labor market concerns continue to support their belief in future interest rate cuts. Christopher Waller, Federal Reserve Governor, said he believes the Fed should cut rates at its upcoming meeting. Traders currently estimate a 97% chance of a 25 basis point rate cut at the conclusion of the two-day US central bank policy meeting on September 17, up from 92% before the data release, according to the FedWatch tool.

Non-yielding gold typically performs well in a low-interest-rate environment.

Attention now turns to the US nonfarm payrolls data due Friday. August nonfarm payrolls are expected to have grown by 78,000 jobs, according to a Reuters poll, compared to 73,000 jobs in July.

Meanwhile, President Donald Trump said on Wednesday that the US might have to “cancel” trade agreements with the European Union, Japan, and South Korea, among others, if it loses a Supreme Court case related to tariffs. Silver prices in spot trading fell 0.8% to $40.87 per ounce, after hitting the highest level since September 2011 in the previous session. Platinum declined 0.5% to $1,415.03, while palladium dropped 1% to $1,136.26.