Dollar rally pauses, gold price may find support
This week will see an important week of US employment data. Today, the US November JOLTS job openings will be released; the December ADP employment report will be released on Wednesday, and the non-farm employment report on Friday. This will be the last key economic indicator before the Fed's late January meeting. An increase of 155,000 jobs is expected, and the unemployment rate is expected to remain unchanged at 4.2%. The actual data will be closely watched.
Time:
2025-01-07 16:44
On January 6th, COMEX gold fluctuated during the session, closing at $2647.0 per ounce, down 0.29%. Domestic SHFE gold futures initially fell then rose in the night session, closing at 625.06 yuan/gram, down 0.35%.
On Monday, Trump's aides were discussing tariffs on "all countries," but only covering key imported goods. Because Trump's tariff plan may be narrowed, market sentiment improved, the dollar fell, and gold prices rebounded. Trump later denied that he would reduce the intensity of tariffs, saying that reports about universal tariffs on key imported goods were incorrect. US stocks surged before the opening then plummeted, the dollar fell sharply then rose sharply, and gold prices fell again. However, given that the dollar index's center of gravity has fallen from the previous day, gold prices are likely to be supported below.
In terms of data, US economic data was mixed. The final value of the Markit Services PMI for December was 56.8, a 33-month high since March 2022, but lower than expected and the preliminary value, with the employment component ending its contraction. However, manufacturing orders fell in November, and business equipment spending may slow in the fourth quarter. This week will see important US employment data. Today, the US November JOLTS job openings will be released, ADP employment for December will be released on Wednesday, and non-farm employment on Friday. This will be the last key economic indicator before the Federal Reserve's meeting at the end of January. An increase of 155,000 jobs is expected, and the unemployment rate is expected to remain unchanged at 4.2%. The actual data will be closely watched.
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Although gold prices rose this week, market volatility has clearly increased. While the US-UK agreement is symbolic, its content is limited and insufficient to alleviate concerns about a global economic slowdown. Therefore, gold prices will continue to fluctuate between safe havens and policy signals, closely monitoring the Federal Reserve's interest rate expectations and global trade sentiment.