Spot Gold edged lower on Monday due to likely profit-taking after last week’s 0.67% surge, as market focus sets on a slew of key US macro data releases for more guidance on the Federal Reserve’s interest rate trajectory.
The ADP employment growth, job openings and the Non-Farm Payrolls reports this week may offer more insight into macroeconomic conditions and the Fed’s policy outlook.
In December, the US central bank’s dot plot projections showed just two interest rate cuts in 2025 due to solid GDP growth and persistent inflation. The Fed delivered three interest rate cuts last year.
President-elect Donald Trump’s tariff and immigration policies are viewed as inflationary and could urge the Fed to proceed with caution on rate cuts. This, in turn, could restrain Gold’s upside. Trump is to return to office on January 20th.
Spot Gold was last edging down 0.20% to trade at $2,634.51 per troy ounce.
Gold Futures for delivery in February were losing 0.30% on the day to trade at $2,646.81 per troy ounce.
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