Gold settles higher, but below $5,000

April gold futures settled up 0.32% at $4,950.8 an ounce

Gold prices pared gains by the close of trading on Wednesday, pressured by a stronger dollar and continued profit-taking, as investors awaited the release of the US monthly jobs report.

April gold futures settled up 0.32%, or $15.8, at $4,950.8 an ounce, after touching an intraday high of $5,113.

Silver futures for February rose 1.35% to $84.165 an ounce, marking a second consecutive session of gains.

Precious metals came under pressure during the session as the dollar hovered near a one-week high, while profit-taking activity persisted.

The United States and Iran are scheduled to hold talks on Friday, after US President Donald Trump hinted at the possibility that nuclear negotiations could collapse.

Separately, the US Bureau of Labor Statistics said the January jobs report will be released on Feb. 11 instead of this Friday due to the recent federal government shutdown.