Gold prices lost steam and slipped below $5100 per ounce in the Asia electronic trades, with the metal seen consolidating in a narrow range after hitting historical highs of $ 5626.8 on January 29th. The counter trimmed yesterday's gains as investors pared back expectations for Federal Reserve policy easing. Strength in the US dollar post stronger-than-expected US labor market data that reduced the likelihood of near-term Federal Reserve rate cuts also pulled the yellow metal lower today. Data released Wednesday showed nonfarm payrolls increased by 130,000 in January, the largest gain in more than a year, while the unemployment rate unexpectedly declined to 4.3%. MCX April 2 delivery futures were down 0.3% at Rs 158211 per 10 grams. More losses can be expected in the yellow metal and other precious metals, following the consolidation phase going on post the historic highs attained late last month. Investors are now awaiting Friday's US consumer price index report for further insights.

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