Gold bullion is displayed at a trading floor in Seoul, South Korea. Photo: Yonhap/TTXVN
At 9:24 am Vietnamese time, spot gold prices fluctuated within a narrow range of only $4 and were traded at $2,022.17 per ounce. Meanwhile, futures gold prices remained stable at $2,036.20 per ounce.
Trading activities in the Asian hours are expected to be thin due to most of this region being closed for the Lunar New Year holiday, including China, Hong Kong (China), Japan, South Korea, Singapore, and Malaysia.
The market is waiting for the release of U.S. Consumer Price Index (CPI) data, which is expected to be announced on February 13th, retail sales data on February 15th, and Producer Price Index (PPI) on February 16th. In addition, at least seven Fed officials are expected to speak this week.
Last week, several Fed officials, including Chairman Jerome Powell, said they want more evidence that inflation will continue to decline before making a decision to cut interest rates. A rate cut would reduce the opportunity cost of holding non-interest bearing assets like gold.
According to LSEG data, traders have virtually ruled out the possibility of a Fed interest rate cut in March, and the probability of a rate cut in May is 62%.
In the market for other precious metals, spot platinum prices remained at $871.75 per ounce, while silver prices rose 0.2% to $22.65 per ounce.
