Gold Price Today:Gold prices saw a modest decline on Thursday, January 9, as investors booked profits after four-week highs. Now the market’s focus is on the US jobs report due on Friday, January 10, which is expected to provide clarity on the Federal Reserve’s interest rate policy for 2025.
Gold rate in global market
Spot gold prices fell 0.1% to $2,659.39 an ounce (by 0527 GMT). However, US gold futures rose 0.2% to $2,678 an ounce.
Gold prices rise in India
The price of 24 carat gold rose by ₹130 to ₹7,900.3 per gram.
The price of 22 carat gold increased by ₹120 to ₹7,243.3 per gram.
Market Trends and Reasons
This week’s rally in gold was driven by weak US private employment data, which indicated that the Federal Reserve may soften the stance on interest rate hikes this year.
Impact of China: China’s central bank increased its gold reserves for the second consecutive month in December. The reserves have now reached 73.29 million fine troy ounces, reflecting demand for gold after a gap of six months.
US economic data: Positive US economic data weighed on gold’s gains. The number of jobs in November stood at 8.098 million, while the ISM Services PMI for December rose to 54.1, reflecting strong economic activity. This strengthened the dollar and treasury yields, which put pressure on gold.
Inflation and Federal Reserve policy
The minutes of the Federal Reserve meeting released on January 8 expressed concern about the continuously rising inflation. Policymakers believe that inflation and possible changes in trade policy may postpone interest rate cuts.
What will be the trend of gold in the year 2025?
The current rise in gold may continue till early 2025. But due to financial reasons, there may be a slight decline in prices by the end of the year. Physically-backed gold ETFs saw inflows rise for the first time in four years. According to the World Gold Council, this reflects the growing trend of investors towards safe-haven assets.
Gold Price Today: The price of gold continues to rise, this was the price on January 8, this is for investment.