Gold prices closed lower on Tuesday (10th).

(Bloomberg file photo)

[Financial Channel/Comprehensive Report] After gold closed at an eight-month high, as investors continued to weigh the prospect of a soft landing for the U.S. economy, on Tuesday (10th) gold prices gave up their early gains. Heading lower for the first time, gold futures for February delivery edged down $1.30, or nearly 0.1%, to settle at $1,876.50 an ounce.

"MarketWatch" reported that Zaner Metals and Tornado Precious Metals Solution senior metal strategist Grant (Peter Grant) said that whether it is slightly higher or slightly lower, the fact is that gold has shown considerable resilience.

Fundamental data released recently suggest that the pace of inflation is slowing, and while growth is also slowing, a soft landing appears more likely.

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Grant mentioned that the December non-farm payrolls data released on Friday was better than expected, but the market locked in lower-than-expected wage growth, which weighed on bond yields and the dollar, boosting gold prices in the process.

Traders are now awaiting the latest data on U.S. inflation, with December consumer price index (CPI) data due on Thursday (12th).

In terms of other precious metals, silver futures for March delivery fell 0.9% to $23.665 an ounce; palladium for March delivery rose 0.1% to $1,777.30 an ounce; platinum for April delivery fell 0.9% to $1,088.50 an ounce Dollar.

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