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Investing.com – Traders were in a state of stagnation and anticipation on Thursday, with the yellow metal and the dollar heading towards marginal declines ahead of the release of important data.
Within the next few hours, markets are awaiting important economic data:
Traders are watching that data, which gives more clarity about the next step for the next meeting at the end of January and early next February.
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gold now
And the spot contracts for gold decreased by US dollars during these moments of trading today, Thursday, within the range of 5 dollars, a decline of 0.25%, down to levels near 1940 dollars an ounce.
The futures contracts for the yellow metal are hovering near yesterday’s levels, Wednesday, although the trading tends towards a marginal decline, and gold is now trading near the levels of $ 1942 an ounce.
dollar now
The same thing happens with those who await unemployment and GDP data, as it hovers near its lowest level in 9 months and trades at the lowest levels of 102 points.
On the other hand, the bond yield rose slightly, bringing the 10-year yield within the range of 0.008 points, to 3.455%, during Thursday’s trading.
market trends
“It is declining mainly due to a technical correction after reaching the highs,” said Harish Fiveth, head of commodity research at Geojit Financial Services.
Harish Fiveth added: “The stability of the dollar affects the sentiment of the precious metal market, before it turned downward, as the market’s focus is now on the US GDP data for the fourth quarter.”
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Predict prices
Gold could rise if there are signs of a slowdown in the US economy, said Ilya Spivak, head of global macros at Tatsi Life, as the Federal Reserve will soon slow its tightening and cut interest rates.
“However, for gold prices to breach the $2,000 level, the US dollar must continue to decline,” added Global Head of Macro at Tatsi Live.
Most investors expect the Fed to raise interest rates by 25bps next week, as the US central bank slowed its hawkish pace to 50bps last month, after 4 consecutive increases of 75bps.
Reuters technical analyst Wang Tao believes that gold prices may rise to the range of 1956-1969 dollars an ounce.
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