Gold prices were in positive territory in London on the morning of Monday January 9, recovering slightly from last week’s drop.
“The yellow metal continues to benefit from physical demand (Asian interest and a pull-back in ETF outflows), and will look toward support at $1,170 [per oz] over the short term to continue the upward trajectory,” broker MKS said.
The spot gold price was recently quoted at $1,176.20/1,176.50 per oz, up $3.40 on the previous close. Trade has ranged from $1,172.50 to $1,178.75.
On Friday last week, gold slipped following the release of strong US employment data. The USA added 156,000 jobs in December, compared with 204,000 in November, while wages grew 2.9% year-on-year to reach a seven-year high.
Silver prices flat; PGMS up
- In other precious metals, the spot silver price was flat at $16.480/16.500 per oz. Platinum was up $6 at $968/973 per oz and palladium edged $3 higher to $754/759 per oz.
Currency moves and data releases
- The dollar index continued to rise on Monday morning following a 0.8% increase last Friday; it stood at 102.41 as of 10:00 London time.
- “Despite the rebound in the dollar, gold prices are holding up well – we think the stronger tone in gold prices in recent weeks is a safe-haven move ahead of the US inauguration,” Metal Bulletin analyst William Adams said.
- EU Sentix investor confidence was better than expected at 18.2 – a reading of 12.6 had been expected. Figures for US labour market conditions and consumer credit are due later today.
(Editing by Rod George)