Gold prices fell in the trading session on January 9 as commodity funds adjusted their portfolios and the USD maintained its strong momentum, amid cautious investors ahead of the US non-farm payroll report to be released later in the day.
Spot gold fell 0.4% to 4,464.57 USD/ounce in this morning's trading session, although still aiming for an increase of about 3% this week. This precious metal previously set a record of 4,549.71 USD/ounce on December 26. US gold futures for February delivery increased by 0.3% to 4,473.60 USD/ounce.
Mr. Ross Norman, an independent analyst, said that gold has been under profit-taking pressure in the past three sessions, but the biggest influencing factor at this time is the strengthening USD ahead of the US jobs data release (NFP).
The USD rose to its highest level in nearly a month as the market waited for a ruling from the US Supreme Court regarding President Donald Trump's use of emergency tax authority. Strong USD makes gold - priced in greenback - more expensive for buyers holding other currencies.
Economists predict the US will create about 60,000 more jobs in December and the unemployment rate will slightly decrease from 4.6% to 4.5%.
In the next few days, gold prices are expected to be under pressure from the Bloomberg Commodity Index (BCOM) rebalancing activity - the process of adjusting the proportion of commodity groups at the beginning of the year. “Some indices are decreasing the proportion of precious metals, creating a slight technical weakness, but basically the trend of gold is still positive,” Mr. Norman said.
HSBC recently forecast that gold prices could rise to $5,000/ounce in the first half of 2026 due to geopolitical risks and continued increase in global debt. Gold – a non-profit asset – is often benefiting in the context of low interest rates and economic instability.
Spot gold and silver fell 0.5% to 76.48 USD/ounce, after hitting a historic peak of 83.62 USD on December 29 but still recorded an increase of more than 5% this week. Platinum fell 1.8% to 2,227.11 USD/ounce, while palladium remained unchanged at 1,786.18 USD/ounce. Both metals are also on an upward trend this week.
