Gold prices settled today, Monday, in modest trading due to holidays, with investors eagerly awaiting statements from several officials of the Federal Reserve (the US central bank) in a busy week of data.
Gold settled in spot trading at $2023.03 per ounce, fluctuating within a range of five dollars by 05:23 GMT.
The future American gold contracts settled at $2037.10 per ounce.
Kyle Ruda, a financial market analyst at Capital dot com, said, “The situation is stable, and if the data declines, causing a decrease in the value of the dollar and an increase in bets on the reduction of US interest rates, gold will shine again.
The significant impact this week comes from the consumer price index, which, if strong, will represent another test for the $2000 per ounce level.”
It is expected that trading activities will be weak during Asian trading hours due to holidays in the markets of China, Hong Kong, Japan, South Korea, Singapore, Taiwan, Vietnam, and Malaysia.
The participants in the market will focus on the US Consumer Price Index data, which will be released tomorrow on Tuesday, as well as the retail sales data, which will be released on Thursday, and the Producer Price Index data, which will be released on Friday. Additionally, they will also be waiting for statements from seven officials of the Federal Reserve Board this week.
The council officials, including their leader Jerome Powell, stated last week that they want to see more indicators showing that inflation will continue to decrease before lowering interest rates.
As for other precious metals, platinum remained stable in spot trading at $871.87 per ounce. Palladium rose 0.7% to $865.13, and silver increased by 0.5% to $22.71.
