On January 8, COMEX Gold fluctuated and rose, closing at $2679.8 per ounce, up 0.28%. Domestic SHFE gold in the night session pulled back at the end, closing at 628.18 yuan per gram, with an increase of 0.19%.

Signs of cooling have appeared in the USA employment market. ADP employment in December increased by 0.122 million, the lowest growth rate since August 2024, while wage growth fell to its lowest level since July 2021. The number of first-time unemployment claims in the USA last week was 0.201 million, the lowest since February 2024. Following the data release, US Treasury yields fell, with the 10-year Treasury yield earlier briefly surpassing 4.7%, and gold prices slightly rebounded. However, the elected president of the USA, Trump, is considering declaring a national economic emergency to provide a legal basis for universal tariffs. Trump's actions have stirred the market, raising concerns over tariffs, and the dollar has risen again, limiting the increase in gold prices.

Looking ahead, weak employment data this week may raise concerns about Friday's non-farm payroll data. If Friday's non-farm data falls below expectations or the unemployment rate unexpectedly rises, expectations for an interest rate cut by the Federal Reserve may heat up again, and gold prices may regain upward momentum against the backdrop of a weakening dollar.

Written by: Shi Yueming

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