On January 8, 2025, gold prices rose initially but later retreated due to stronger U.S. job market data, which reduced expectations for significant Federal Reserve rate cuts. Spot gold rose 0.5%, reaching $2648.76 per ounce, while U.S. gold futures gained 0.7%. Despite a slowdown in hiring, U.S. job vacancies increased unexpectedly in November, signaling a strong economy. This stability in the job market and the persistent inflation threat might lead the Fed to slow its rate cuts. Meanwhile, China's central bank continued to increase its gold reserves, supporting gold prices.

Gold Prices Retreat as Strong U.S. Job Market Damps Rate Cut Expectations

Jan 08 2025