Gold prices end in green for 2nd session in a row

Gold bars

Gold prices closed in the green for the second straight session today, Jan. 8, as investors absorbed the recent economic data showing that the US private sector added fewer jobs than anticipated in December 2024, with wage growth at the slowest pace in nearly three and a half years.

February gold futures climbed by 0.25%, or $7, to finish at $2,672.40 per ounce, after touching $2,687 apiece in early trading — the highest since mid-December 2024.

However, the yellow metal’s gains were capped by the 0.5% hike in the US dollar index, which gauges the greenback's strength against a basket of six currencies, shed 0.30% to 107.94 points, supporting the cheaper cost of buying the yellow metal with other currencies.

The latest ADP monthly report showed that the US private sector added 122,000 new jobs in December 2024, below the 136,000 estimate. Moreover, wages grew at an annualized rate of 4.6%, the slowest growth pace since July 2021.

Federal Reserve Governor Christopher Waller forecasts the US economy to maintain its momentum, thanks to the declining inflation that shall allow for the continued gradual reduction in interest rates.