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Gold prices edged higher on Thursday, helped by a softer US dollar and lower Treasury yields, but hovered near five-week lows as investors tempered rate-cut optimism after hawkish comments from central bank officials and robust data.

Gold prices dip

Fundamentals

  • Spot gold rose 0.2% to $2,010.59 per ounce by 0121 GMT, a day after it fell to $2,001.72 - its lowest since Dec. 13.

  • US gold futures rose 0.3% to $2,012.40.

  • The US dollar fell 0.2%, making greenback-priced gold less expensive for foreign currency holders. Yields on the benchmark US 10-year Treasury notes also dropped.

  • US retail sales increased more than expected in December, keeping the economy on solid ground heading into the new year.

  • Atlanta Federal Reserve President Raphael Bostic is expected to speak at two separate events later in the day.

  • Bostic said inflation could “see-saw” if policymakers cut rates too soon, warning that inflation’s descent towards the central bank’s 2% goal was likely to slow in the months ahead, the Financial Times reported on Sunday.

  • Money markets were betting on 142 basis points of Fed rate cuts this year, while pricing in a 61% chance of a March easing, according to LSEG’s interest rate probability app, IRPR.

  • Lower interest rates decrease the opportunity cost of holding bullion.

  • Britain’s annual rate of consumer price inflation sped up for the first time in 10 months in December.

  • Market participants also monitored developments in the Middle East as Israel pressed its assault on southern Gaza.

  • The United States conducted another round of strikes against Houthi targets in Yemen after militants claimed their second attack this week on a US operated vessel in the Red Sea region.

  • Spot silver rose 0.4% to $22.61 per ounce, platinum climbed 0.2% to $885.38, and palladium gained 1.2% to $926.54.

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