Gold prices stayed steady on Monday as buyers and sellers remained unsure about the plans of the new Trump administration. This has increased interest in gold as a safe investment. Meanwhile, a strong U.S. jobs report is making the Federal Reserve careful about lowering interest rates in the future.
Here are some details:
– Current Gold Price: Spot gold was at $2,690.49 per ounce, close to its highest point since December 12.
– Future Gold Price: U.S. gold futures rose by 0.2% to $2,720.20.
– Job Growth: According to recent data, the U.S. added 256,000 jobs last month, the most since March 2024.
– Interest Rates: Following this job report, experts believe the Federal Reserve will likely pause on cutting rates during their January meeting. They expect only one rate cut this year, probably around June.
– Gold and Inflation: Gold is often bought when people worry about inflation, but higher interest rates can lower its appeal.
Investors are looking forward to the monthly consumer price index coming out this week. Some Federal Reserve leaders, including John Williams, will also speak later this week.
– Gold Investments: The SPDR Gold Trust, the largest gold-backed fund in the world, reported that its holdings increased by 0.66% to 876.82 tonnes.
– Other Markets: In India, demand for gold dropped last week as local prices went up, while buyers in other Asian markets are excited because of the upcoming Lunar New Year.
As for other precious metals, silver remained steady at $30.38 per ounce. Platinum fell by 0.2% to $962.73, while palladium increased by 0.1% to $949.12.
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