Yesterday, during New York trading hours, the U.S. ADP Employment Report was released, showing weaker-than-expected results. This caused the U.S. dollar to weaken, leading to an increase in gold buying. However, later reports indicated that President-elect Trump is considering declaring a national economic emergency to impose tariffs on all imported goods. This news pushed U.S. long-term interest rates up to around 4.73%. Since gold does not yield interest, its price was pushed back down.
The FOMC meeting minutes were also released, showing that almost all members acknowledged the risk of rising inflation under the new Trump administration.
Tomorrow, the U.S. employment report will be released, making it difficult for the market to take strong positions. However, with U.S. long-term interest rates remaining high, gold’s price is likely to stay limited.
Gold-Dollar Expected Range: 2640–2600
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