With the inflation expectations strengthening, gold prices are rising, and the Copper LC price difference is widening again.
Last week, the market continued to move toward the narrative of strong economic resilience, a solid labor market, and increasing re-inflation expectations, with both gold and copper strengthening. Initially, there were concerns in the market about Trump imposing tariffs on refined copper imports, which widened the price gap between COMEX copper and other regions, and the rebound in COMEX copper prices was particularly pronounced. Subsequently, crude oil rebounded sharply due to concerns over the USA's sanctions on Iran, coupled with strong non-farm payroll data on Friday and hawkish statements from Federal Reserve officials, leading to a continued reduction in market expectations for interest rate cuts from the Federal Reserve this year.
Gold market weekly review: Risk aversion supports gold prices, as investors are concerned about the Federal Reserve's ability to cut interest rates.
Gold prices rebounded on Friday, as the uncertainty regarding Trump's new government policies increased the attractiveness of safe-haven assets, despite stronger-than-expected employment data from the USA reinforcing expectations that the Federal Reserve may not implement significant rate cuts this year. Spot gold rose by 0.6%, trading at $2,686.24 per ounce; US futures gold increased by 0.9%, reaching $2,715.00. Gold prices had previously dipped to $2,663.09 per ounce after data showed that the USA added 256,000 jobs last month, while economists had expected an increase of 160,000 jobs, with the unemployment rate at 4.1%, versus an expected 4.2%. However, gold prices continued to fluctuate.
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Gold Trade Reminder: Non-Farm Payroll is coming! Trump's "overbearing charisma" leads to three consecutive days of gains, with gold prices hitting a nearly four-week high.
On Friday (January 10), during the early hours of the Asian market, spot Gold fluctuates narrowly, currently trading around the 2670 level. Gold prices rose to a nearly four-week high on Thursday, supported by safe-haven demand. Several Federal Reserve officials made statements suggesting that interest rate cuts should be paused or approached cautiously, while investors are also weighing the potential impact of the policies of the newly elected USA President Trump on the economy and inflation. Spot Gold peaked at $2678.17 per ounce during Thursday's trading, marking the highest level since December 13, closing at $2670.19 per ounce, with a daily increase of about 0.33%, marking three consecutive days of gains; from a technical perspective,