Market Review
According to ETO Markets monitoring, on January 8 (Thursday), spot gold rebounded sharply after an early dip. Prices briefly fell to an intraday low of USD 4,407.73 per ounce before buying interest returned. Gold later closed near USD 4,477.28 per ounce, up around 0.5% on the day, reflecting two-way trading at elevated levels.
As of January 9 (Friday), during the Asian session, spot gold remains
in high-level consolidation and is currently trading near USD 4,476.51 per ounce. Market sentiment has turned cautious as traders await key data.
Global Headlines
1) NFP Looms as Key Catalyst
The U.S. December NFP report will be released on Friday. Market consensus expects job growth of around 60,000, well below the prior reading of 64,000. The unemployment rate is forecast to ease slightly to 4.5%. A weaker print could reinforce expectations for two FED rate cuts this year, supporting gold, while a surprise upside may trigger short-term pressure.
2) Senate Moves to Limit Venezuela Action
On Thursday, the U.S. Senate passed a procedural vote advancing a War Powers Resolution. The measure would require congressional approval before further military action against Venezuela. Although the White House has signaled a veto, the vote highlights ongoing political divisions and keeps geopolitical risk elevated.
3) CME Raises Metals Margins Again
On Thursday, CME announced higher margin requirements for gold, silver, platinum, and palladium futures, effective after the January 9 session. This marks the third margin hike in nearly one month, reflecting heightened volatility and potentially curbing speculative activity in the near term.
4) Trump Signals FED Chair Decision
Late Wednesday, President Trump said he has already decided on the next FED Chair but has not disclosed the name. He reiterated his preference for policies that lower borrowing costs. With Chair Powell’s term ending in May next year, debate over FED independence has intensified.
5) U.S. Weighs Greenland Proposal
Sources said U.S. officials are evaluating proposals that could offer Greenland residents payments ranging from USD 10,000 to USD 100,000 to support closer ties with the United States. While still at an exploratory stage, the discussions have drawn attention to shifting geopolitical dynamics.
6) WGC Flags Record ETF Inflows
The World Gold Council (WGC) reported that global gold ETF inflows hit a record high in 2025, led by North America. Assets under management and total holdings both reached new peaks. Average daily gold trading value stood at USD 361 billion, highlighting strong institutional demand.
ETO Markets Analyst View (Spot Gold)
From a technical perspective, gold has stabilized after the recent pullback and continues to hold above the USD 4,445 support zone. The broader structure remains within a medium-term uptrend channel. If prices stay above this level, upside tests toward USD 4,500 and USD 4,515 remain possible.
A break below USD 4,445 could shift focus to support in the USD 4,435–4,415 range. RSI shows no clear bearish divergence, but elevated price levels increase sensitivity to incoming headlines.
Ahead of the NFP release, directional conviction remains limited. Gold is more likely to trade within a range as the market digests upcoming data. Investors should closely monitor macro signals and sentiment shifts.
Disclaimer
The information contained herein is for general reference only and does not constitute investment advice, a solicitation, or an offer to buy or sell any financial products.
ETO Markets does not guarantee the accuracy, completeness, or timeliness of the information and shall not be liable for any losses incurred from reliance on such content.