Gold prices started 2024 slightly higher, supported by expectations of interest rate cuts by the Federal Reserve

(1) Gold prices edged higher on Tuesday and are currently trading at $2,066.06 an ounce, up about 0.17%, supported by the prospect of a Fed rate cut in 2024, while investors look forward to a series of economic data releases this week to further clarify the outlook for the U.S. Intrerest Rate. (2) This week’s focus will be on the minutes of the Fed’s last policy meeting, from which investors will be looking for more clues about rate cuts this year. U.S. job openings data and the December non-farm payrolls report are also in the spotlight. (3) According to the CME FedWatch tool, the market is currently pricing in an 86% chance of a Fed rate cut in March. (4) SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund (ETF), showed that its Holdings fell 0.16% from 880.55 tons last Thursday to 879.11 tons last Friday. (5) Physical gold demand in India remained subdued last week as the local gold price rose to near record highs, which discouraged buyers during the year-end holiday season