Gold Price Drops Close to 3-Week Low

Gold prices fell in Asia on Monday morning and remained near a three-week low. The markets were disappointed by the latest U.S. nonfarm payrolls report and are now turning their attention to this week’s inflation data.

Gold futures fell 0.35% to $1,791.05 per ounce.

The U.S. labor market report for December, released Friday, showed that nonfarm payrolls increased by 199,000, which was below expectations. On the other hand, the unemployment rate fell to 3.9%.

Investors are now waiting for inflation data, which includes the consumer price index and the producer price index, to be released this week. Meanwhile, China will also publish its consumer and producer price figures on Wednesday.

Rising retail demand for gold prompted Indian traders to charge a higher premium last week. At the same time, the upcoming Chinese New Year has increased the demand for gold in Singapore.

The Spot Market is Open

Monday, January 10, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
14.30
1,793.10
1,794.10
-3.90
-0.22%
1,790.60
1,797.60
Silver
14.30
22.25
22.35
-0.10
-0.45%
22.16
22.49
Platinum
14.30
958.00
968.00
-1.00
-0.10%
953.00
968.00
Palladium
14.00
1,859.00
2,009.00
-16.00
-0.85%
1,855.00
2,029.00
Rhodium
06.00
16,500.00
18,500.00
0.00
0.00%
16,500.00
18,500.00

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