Gold futures on the COMEX division of the New York Mercantile Exchange dropped on Monday as investors prepared for a series of economic reports scheduled for release throughout the week.
The most active gold contract for February delivery closed at 2,022.20 dollars per ounce, marking a 0.35 percent decrease equivalent to 7.10 U.S. dollars.
Several key economic indicators are expected to be published this week, including U.S. manufacturing purchasing managers’ index (PMI) reports on Wednesday, U.S. fourth-quarter gross domestic product (GDP) on Thursday, and U.S. personal consumption expenditures data on Friday, which is the Federal Reserve’s preferred inflation indicator.
In addition to the U.S. data, the Bank of Japan is set to reveal its first interest rate decision of 2024 on Tuesday, and the European Central Bank is scheduled to announce its rate decision on Thursday.
Other events impacting market movements this week include the New Hampshire Republican presidential primary on Tuesday and the upcoming Federal Reserve monetary policy meeting next week.
The Conference Board reported on Monday that its Leading Economic Index experienced a 0.1 percent decline in December, continuing a downward trend that has lasted for 21 months. This follows a 0.5 percent decrease in the index in November, and the actual decline was less than the 0.3 percent decrease forecasted by economists.
On Monday, the price of silver for March delivery fell 1.83 percent, closing at 22.296 dollars per ounce. The price of platinum for April delivery also dropped by 0.44 percent, finishing at 903.00 dollars per ounce.
