Gold slips as Asia bid fades and risk-off mood returns

Gold gave up an early rally and slid about 2% to around $5,066 per ounce after briefly spiking to $5,196, as Asian demand failed to materialize and oil climbed to $107.41, pushing global markets lower and prompting traders to pare risk. Silver also fell (~3%), while longer-term inflation or recession fears remain supportive of gold, though near-term dynamics favor selling in a crowded, leveraged trade.