Gold Falls Again, Market Remains "Wobbling"
Gold weakened after two days of gains, as traders began to take profits in a market still volatile following the sharp fall at the end of January. Price movements still appear "false," indicating the market has not yet truly found a comfortable footing.
In early Asian trading, gold fell as much as 1.4% and returned below $5,000 an ounce, before paring some of its losses. However, considering the January 29 peak, gold is still down around 10%—but remains higher for its year-to-date performance.
In the latest update, spot gold fell 0.8% to $5,015.98 an ounce at 7:31 a.m. Singapore time. Pressure was also felt in other metals: silver fell 2.1% to $81.64, while platinum and palladium also weakened.
Market focus now turns to US economic data this week, which could influence the direction of the Fed's interest rate policy. The January jobs report is scheduled for release on Wednesday, followed by inflation data on Friday—two releases that typically immediately shake up the dollar, yields, and gold.
The story escalated after US President Donald Trump nominated Kevin Warsh to lead the US central bank. In a still-sensitive market, this combination of big data and policy issues makes gold volatile—rises can be rapid, but corrections can also come suddenly. (asd)
Source: Newsmaker.id
