Above $5,000, Gold "Seeks Direction"
Gold remained comfortable above the psychological $5,000 level on Monday (February 9th), although its movement was relatively flat in the European session. On the spot market, gold was around $5,024.6 per ounce, up +1.2% today—up, but not enough to return to last week's peak.
One major drag comes from China. Weekend data showed the People's Bank of China (PBOC) continued gold purchases for the 15th consecutive month in January. For the market, this signals that official demand remains strong, so any correction in gold tends to be quickly seized by buyers.
From the US side, the dollar lost steam for the second day. Expectations of a Fed rate cut in 2026 remain a major topic, coupled with concerns about the central bank's independence, which are making investors increasingly sensitive. When the dollar weakens and yields are less aggressive in rising, non-interest-bearing gold looks more attractive.
But gold isn't completely free. Signs of easing Middle East tensions have made global markets more risk-on—equities tending to be in the green—and that typically reduces demand for safe havens. As a result, gold has risen, but it's been restrained: some support from the dollar and China, but it's been held back by improving risk sentiment.
Now, the market is holding back ahead of two major US data releases this week: the jobs report (Wednesday) and inflation (Friday). These figures will be key to whether the "rate cut" narrative strengthens or is refuted—and that will be directly reflected in the dollar and gold's direction from the $5,000 level.
Source: Newsmaker.id
