FUNDAMENTALS
- Spot gold was stable at $2,044.49 per ounce as of 0139 GMT, following a week-low on Friday.
- Gold futures in the United States climbed 0.1% to $2,051.10 per ounce.
- Asian trading was light, with the Japanese market closed for a holiday.
- The dollar index was likewise steady after ending the week with its best week since July 2023, making bullion more expensive for other currency holders, while benchmark US 10-year Treasury rates remained above 4%.
- Employers in the United States employed more workers than expected in December, according to official figures, but other data from the Institute for Supply Management (ISM) revealed that the services industry slowed significantly last month.
- According to the CME FedWatch tool, market participants are pricing in a 64% possibility of a rate drop by the US central bank in March.
- COMEX gold speculators increased their net long position by 2,009 contracts to 137,516 in the week ending January 2, according to data released on Friday.
- On the physical front, gold purchases increased in big consumer India last week, as local prices dipped from record highs.
- Investors are now looking forward to Thursday’s consumer price inflation report in the United States for more information on the timing of the Fed’s rate cuts.
- Spot silver was little changed at $23.17 per ounce, while platinum increased 0.3% to $963.24 and palladium advanced 0.3% to $1,030.28 following a nine-session decline.
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