Gold Holds Steady Amid Await for US Data

7 Jan 2025 , 09:22 AM

As investors await additional economic data later this week for clues on the Federal Reserve’s interest rate trajectory for this year, gold prices maintained steady Tuesday.

Spot gold was stable at $2,636.05 an ounce. At $2,647.30, U.S. gold futures did not move.

The U.S. jobs data on Friday is now the focus of investors’ attention as it may provide additional insight into the Fed’s future course.

They are also anticipating the Fed’s December meeting minutes on Wednesday, ADP employment figures, and the statistics on job vacancies later in the day.

Following contradictory reports over the potential severity of President-elect Donald Trump’s tariff proposals once he assumes office, the benchmark 10-year Treasury yield reached its highest level since May 2024 on Monday, and the U.S. currency declined.

Business leaders’ concern about future U.S. trade policies increased on Monday when Trump refuted a newspaper report that claimed his advisors were considering tariff plans that would only apply to essential goods.

A number of prominent economists have united in their belief that Trump’s proposals to increase tariffs, lower taxes, and restrict immigration could not be as inflationary as previous assessments had shown. However, they warned that there was a genuine chance that Trump would rekindle pricing pressures if he attempted to impose influence over the Fed.

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