At the end of the trading session on January 9, the spot gold price decreased slightly by 0.1% to 2,659.62 USD/ounce, while the gold futures contract increased by 0.2% to 2,678.30 USD/ounce.
Gold prices are currently trading in a narrow range, with some profit-taking taking place, said Ajay Kedia, director of Kedia Commodities in Mumbai. Earlier, gold hit a nearly four-week high as a weaker-than-expected US private sector jobs report raised expectations that the Federal Reserve could slow its rate hikes in 2025.
ADP employment data released on January 8 showed that the number of private sector jobs in the US increased by only 122,000 in December 2024, down from 146,000 jobs in November and lower than the 140,000 jobs forecast by economists.
Meanwhile, the oil market witnessed an upward trend. Brent crude futures rose more than 1% to 76.94 USD/barrel, while WTI crude rose nearly 1% to 73.97 USD/barrel.
The backwardation market structure of Brent crude oil shows growing concerns about the risk of a supply shortage, while demand remains strong.
January 2025 Economic and Financial Bulletin, demand is expected to be supported by colder-than-normal winter conditions, increased heating fuel consumption, and earlier-than-usual travel activity in China for the Lunar New Year.
