Gold Steady Ahead of US Data
Gold prices held steady on Thursday (January 22nd) after dropping more than 1% earlier in the session. While geopolitical tensions have begun to cool—as Trump backed away from his Greenland-related tariff threats—the market remains bullish on gold as concerns about the Fed's independence remain unabated.
Spot gold traded around $4,829, after hitting a record high of $4,888 the previous day. This movement indicates the market is starting to "wait." A correction is possible, but buyers are also still ready to enter during dips.
The easing of the Greenland drama has indeed reduced the demand for safe-haven assets. Trump has emphasized that he will not use force and will refrain from imposing tariffs on Europe—reducing risk appetite. However, the issue of political interference in central banks is keeping investors on guard, especially after the Lisa Cook trial, which raised market concerns about the Fed's position.
The next focus: tonight's US economic data, which could be a "determinant" for gold's direction. The market is awaiting clues from Initial Jobless Claims and GDP readings (released around 8:30 PM WIB), followed by PCE/Personal Income & Outlays (around 10:00 PM WIB). If the data strengthens and the dollar/yield rises, gold will usually be under pressure; if the data weakens, gold has the potential to return to test the peak area.
Source: Newsmaker.id
