Gold prices traded within a narrow range during Asian trading hours on Monday, as market holidays in the United States, China, and several other Asian economies kept overall trading volumes subdued. Investors are now shifting their attention to key economic data and Federal Reserve signals that could shape the outlook for interest rates and precious metals.
Spot gold slipped 0.3% to $5,028.79 per ounce, while April gold futures held steady at $5,047.21 per ounce. Despite recent volatility, the yellow metal ended last week above the crucial $5,000 level, a threshold closely monitored by traders and analysts.
Over the past two weeks, gold prices have experienced sharp swings due to uncertainty surrounding U.S. monetary policy. Concerns intensified after President Donald Trump nominated Kevin Warsh to succeed Jerome Powell as Federal Reserve Chair when Powell’s term ends in May. Warsh is widely viewed as less dovish, raising expectations that U.S. interest rates could remain higher for longer—typically a headwind for non-yielding assets like gold.
Market participants are now closely watching the release of the Federal Reserve’s January meeting minutes, scheduled for Wednesday. The report is expected to provide further insight into the central bank’s stance on inflation and future rate adjustments. In addition, the upcoming Personal Consumption Expenditures (PCE) price index data— the Fed’s preferred inflation gauge—will be crucial in shaping expectations for U.S. interest rates.
Other precious metals also moved in tight ranges. Spot silver declined 0.3% to $77.2465 per ounce, while platinum gained 0.4% to $2,076.94 per ounce.
Gold recently found support from safe-haven demand amid rising geopolitical tensions between the U.S. and Iran, as well as softer U.S. consumer price index data. However, lingering uncertainty over the Federal Reserve’s policy direction continues to drive choppy trading conditions across the precious metals market.


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