Gold held below $4,600 per ounce on Thursday as profit taking after fresh record highs coincided with firm US labor signals and easing political risk, trimming safe-haven demand. Initial jobless claims fell sharply to around 198,000, with continuing claims near 1.884 million, reinforcing the view that layoffs remain contained and reducing pressure on the Federal Reserve to ease policy to support employment. That resilience weighed on bullion in the near term, even as November PPI surprised on the downside and core prices stalled, in line with a tame December CPI that keeps expectations for multiple Fed cuts later this year intact and supportive over the medium term. Political risk premia also faded after President Trump signaled a softer stance on Iran and reiterated he has no immediate plans to remove Fed Chair Powell.