Core Viewpoint - The article discusses the recent fluctuations in gold prices and the factors influencing these changes, including the strength of the US dollar, employment data, and geopolitical tensions. Group 1: Gold Price Movements - As of January 8, 2026, gold is trading at $4422.75 per ounce, with a decline of 0.73% from previous levels, reaching a high of $4465.83 and a low of $4415.29 [1] - The market is experiencing selling pressure as gold approaches historical highs, with significant profit-taking observed [2] - The Bloomberg Commodity Index's annual rebalancing is expected to lead to a passive sell-off of approximately 2.4 million ounces of gold over the next five trading days, potentially exerting 2.5%-3.0% downward pressure on gold prices [2] Group 2: Economic Indicators and Market Sentiment - The US ADP employment data for December showed an increase of only 41,000 jobs, which is below market expectations, indicating a cooling labor market [3][4] - This disappointing employment data has reduced aggressive expectations for an immediate interest rate cut by the Federal Reserve, which may limit the downside for gold prices [2][3] - The market anticipates that the Federal Reserve will begin a rate-cutting cycle in 2026, supported by weak employment data [4] Group 3: Geopolitical Factors and Central Bank Actions - Ongoing geopolitical tensions, particularly regarding Venezuela and US comments on Greenland, are contributing to market uncertainty and supporting gold's safe-haven demand [3] - The People's Bank of China has increased its gold reserves for the 14th consecutive month, providing solid long-term support for gold prices [3] - SPDR Gold ETF's holdings have shown fluctuations, with a notable drop at the end of December followed by a recovery, indicating institutional buying interest at lower price levels [3]
1月8日金市晚评：美联储政策预期受考验 初请数据牵动黄金走势
Jin Tou Wang·2026-01-08 09:35