On January 6, COMEX Gold fluctuated during the day, closing at $2,647.0 per ounce, down 0.29%. The domestic SHFE night session for Gold initially fell and then rose, closing at 625.06 yuan per gram, down 0.35%.

On Monday, Trump’s aides are discussing imposing tariffs on "all countries," but only covering key imported commodities. Due to the potential narrowing of Trump’s tariff plans, market sentiment improved, leading to a decline in the USD and a rebound in Gold prices. However, Trump later denied reducing tariff intensity, stating that reports regarding widespread tariffs on key imports were incorrect. After a sharp rise in Pre-Market Trading, the US stock market rapidly declined, the USD dropped sharply only to rise again, and Gold prices fell once more. However, given that the USD Index has retreated compared to the previous day, there is likely support for Gold prices on the downside.

In terms of data, the US economic indicators are mixed. The December Markit Services PMI final value is 56.8, a 33-month high since March 2022, though lower than expected and the initial value, with the employment sub-index ending its contraction. However, manufacturing Orders fell in November, and business spending on equipment may slow in the fourth quarter. This week, important US employment data will be released, starting with today's announcement of US November JOLTS job openings, Wednesday’s release of December ADP Employment, and Friday’s Non-Farm Employment, which will be the last key economic indicator before the Federal Reserve meeting at the end of January, with expectations for an increase of 0.155 million jobs and an unemployment rate expected to remain unchanged at 4.2%, focusing on the actual data results.

Written by: Shi Yueming

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