Spot gold rose 1.4%, while silver surged 4.3%, continuing last week's gains.
The dollar index hits its lowest level since February 4th, fueling an influx of foreign buying.
Bessent: "Fed won't rush to reduce its balance sheet"... Expectations of further rate cuts.
);)
Today, the spot price of gold in international financial markets rose 1.4% from the previous day to $5,047 per ounce. Last Friday, gold prices surged by approximately 4%.
Spot silver prices surged 4.3% to $81.10 per ounce, up from a whopping 10% the previous trading day.
The dollar index hit its lowest point since the 4th, and the attractiveness of precious metals also increased.
);)
As of today, the international gold price is at $5,016.26 per ounce (selling standard), remaining at the high point within the 52-week range of $2,832.63 to $5,595.46.
The domestic gold price is also rising, with 1 gram of 24K gold reaching around 233,000 won, and the theoretical price of 1 don is around 870,000 won.
Treasury Secretary Bessent: "The Fed Will Not Be in a Hurry to Reduce Its Balance Sheet."
Treasury Secretary Scott Bessent said Sunday that he does not expect the Fed to rush into asset sales (balance sheet reduction) even if Kevin Warsh, the Fed chairman nominee, takes office.
This is interpreted as a signal that the Fed's accommodative monetary policy stance will be maintained for the time being, and is acting as a factor in raising expectations of an interest rate cut.
San Francisco Fed President: "One or Two Additional Rate Cuts Are Needed"
Mary Daly, president of the Federal Reserve Bank of San Francisco, said on Friday that "one or two more rate cuts may still be needed to address the weakening labor market."
Governor Daley's remarks suggest the Fed's monetary policy may shift from tightening to easing, which is boosting the attractiveness of gold as an investment asset.
Wednesday's US January employment report draws attention.
Investors are closely watching the US January non-farm payrolls report, scheduled for release on Wednesday (February 12th). This figure is considered a key indicator for gauging the Federal Reserve's future monetary policy direction.
If the employment figures are weaker than expected, the likelihood of a Fed rate cut is expected to increase, providing additional upward momentum to gold prices.
Gold prices surge to record highs
Gold prices have been on a steady upward trend since 2024, reaching record highs several times. Geopolitical uncertainty, inflation concerns, and increased gold purchases by central banks are all contributing factors to the price increase.
Domestic gold prices are also showing a sharp upward trend, rising 74.38% compared to the same month last year.
Joohoon Choi joohoon@blockstreet.co.kr
