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Gold was subdued on Thursday as the dollar's strength and easing trade tensions dulled the metal's safe-haven allure, while investors looked forward to the U.S. non-farm payrolls report due this week.

Spot gold fell 1.4% to $3,240.66 an ounce as of 0207 GMT. U.S. gold futures lost 2.1% to $3,248.60.

The dollar index rose 0.3% against its peers, making gold less attractive for buyers holding other currencies.

U.S. President Donald Trump said he has "potential" trade deals with India, South Korea and Japan as he sought to convert his tariff policy into trade agreements.

"Gold retraced as trade war concerns eased, but market confidence remains shaky with investors reacting to headlines daily," said Ilya Spivak, head of global macro at Tastylive.

The non-yielding metal, which is considered a hedge against political and financial turmoils and tends to thrive in a low interest rate environment, scaled multiple record peaks in April due to elevated uncertainties.

"The Fed's dovish policy outlook could support gold, but it may need to unwind more of the April panic first," Spivak added.

The U.S. economy contracted for the first time in three years in the first quarter of fiscal 2025, as businesses rushed to import goods ahead of Trump's expected tariffs.

Clearer signs of a faltering economy by June will move the Federal Reserve to resume cutting rates, ultimately by a full percentage point by the end of 2025, traders bet on Wednesday.

The market is now waiting for the non-farm payrolls report on Friday for more cues into the Fed's policy path.

China's stock and bond markets, foreign exchange and commodity futures markets will be closed from May 1 to May 5 for the Chinese Labour Day holiday.

Spot silver fell 0.7% to $32.36 an ounce, platinum shed 0.4% to $963.34 and palladium was steady at $938.22.

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