Gold Holds, Market Awaits New Explosion
Gold prices remained above $5,000 on Monday (February 9th) during the European session. Spot gold traded around $5,016/oz and rose approximately 1% today.
The main driver remains the same: a weakening dollar, making gold more attractive to buyers outside the US. The market is also in "hold-your-breath" mode due to this week's major US data—employment and inflation—that could alter Fed interest rate expectations.
From China, gold is receiving additional support. Recent data shows the People's Bank of China (PBOC) buying gold for the 15th consecutive month, while official demand signals remain strong, and reserve diversification remains aggressive.
But gold isn't free to rush. Global risk sentiment improved due to easing geopolitical tensions, prompting some funds to return to stocks. This is why gold's movement tends to be "up but cautious"—not yet aggressively chasing last week's peak.
In conclusion: as long as gold can maintain the $5,000 area, buyers still have reason to hold on. But the next direction will focus on two things: US data (including the Fed) and geopolitical headlines (including risk-on/risk-off trends). (alg)
Source: Newsmaker.id
