Gold speculators cut net long position for 4th week CFTC
U.S. nonfarm payrolls in Jan. rose more than expected
Investors await remarks from Fed speakers this week
No immediate appetite to drive gold below 2,000oz analyst

Feb 5 Reuters Gold prices fell on Monday, as the U.S. dollar and Treasury yields surged after a robust jobs report crushed expectations of nearterm interest rate cuts from the Federal Reserve.

Spot gold was down 0.5 at 2,029.03 per ounce by 0556 GMT. U.S. gold futures fell 0.4 to 2,045.50 per ounce.

Large speculators and managed funds trimmed long exposure to gold futures for a fourth week … and with Jerome Powell reiterating three rate cuts for the year, it remains debatable as to whether gold can rally from here, said Matt Simpson, a senior analyst at City Index.

Traders are betting on four quarterpoint Fed rate cuts for 2024, down from six last Monday, according to LSEG39;s interest rate probability app IRPR, opens new tab.

The odds for a cut in May have also lengthened. Lower interest rates boost nonyielding gold39;s appeal by decreasing the opportunity cost of holding bullion.

The dollar index hit an eightweek high, making bullion more expensive for other currency holders, while yields on benchmark 10year Treasury notes rose to more than 4.

Data from the U.S. Labor Department showed on Friday that nonfarm payrolls increased by 353,000 jobs in January, almost double the 180,000 forecast by economists polled by Reuters.

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