Gold prices remained stable on Tuesday, January 7, as investors awaited further economic data later in the week to gauge the US Federal Reserve’s likely actions on interest rates in the coming months.
As of 0106 GMT, spot gold was unchanged at $2,636.05 per ounce, while US gold futures also held steady at $2,647.30.
The market is closely monitoring the upcoming US jobs report, due Friday, which is expected to offer important insights into the Fed‘s policy direction. Investors are also awaiting other critical economic indicators, including job openings data, ADP employment numbers, and the release of the minutes from the Federal Reserve’s December meeting on Wednesday.
In addition to the economic reports, the benchmark 10-year US Treasury yield reached its highest point since May 2024 on Monday, and the US dollar weakened following conflicting reports about US President-elect Donald Trump’s tariff policies. On Monday, Trump denied a newspaper report suggesting that his aides were considering tariff plans targeting only critical imports. This denial has contributed to increased uncertainty among business leaders regarding future US trade policies.
In commodity markets, Comex data revealed that speculators reduced their net long positions in gold by 1,876 contracts, bringing the total to 182,384 contracts for the week ending December 31, 2024.
Meanwhile, other precious metals saw mixed movements. Spot silver remained flat at $29.94 per ounce, platinum edged up by 0.1% to $933.90, and palladium gained 0.1%, reaching $921.82.
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