Gold prices witnessed a modest increase as the U.S. dollar faced a decline, with spot gold reaching $2,026.95 per ounce, and gold futures closing at $2,028.60 per ounce on COMEX. The positive trend extended to other precious metals, with both platinum and silver experiencing an uptick, reaching $22.47 per ounce for silver.
Investors are closely monitoring the release of pivotal U.S. economic indicators, including the flash Purchasing Managers’ Index (PMI) expected today, followed by the fourth-quarter Gross Domestic Product (GDP) figures and personal consumption data scheduled for tomorrow. These releases are anticipated to provide crucial insights into the state of the U.S. economy, potentially influencing the Federal Reserve’s decisions on interest rate policies.
Market analysts, consulting the CME’s FedWatch Tool, foresee no immediate changes to the Federal Reserve’s interest rate policies at the upcoming meeting scheduled for January 30-31. Similarly, the European Central Bank (ECB) is expected to maintain its current policy stance during its discussion on Thursday.
In contrast to gold, platinum, and silver, palladium experienced a slight decline in value. Nevertheless, the overall precious metals market exhibited stability, as investors maintained their positions in anticipation of the forthcoming economic data releases.
