Gold price today, Feb. 5 -- Gold rates slipped back below the $5,000 mark on Thursday amid a broader market selloff as the dollar climbed to a near two-week high and signs of easing U.S.-China tensions weighed on safe-haven demand. The retreat came days after the yellow metal scaled a record peak of $5,594.82, underscoring the extreme volatility seen over the past week.

COMEX gold shed 3.6% to $4,805, while spot gold declined 0.9% to $4,917.61 per ounce as of 0754 GMT, pulling back from a near one-week high touched earlier in the session. Prices had fallen nearly 4% at one point during trade. U.S. gold futures for April delivery were down 0.3% at $4,936.30 per ounce.

The correction in precious metals coincided with a broader cooling in ...