Gold prices hovered near five-week lows as interest rate cut expectations faded

(1) Gold prices rebounded slightly on Thursday and are currently up 0.2%, trading near $2,010.40 an ounce but still hovering near a five-week low as hawkish rhetoric from Fed officials and strong data dampened investors’ expectations for a larger and earlier U.S. rate cut this year. (2) Brian Lan of Singapore-based trader GoldSilver Central said that the US dollar has strengthened sharply over the past few days, putting pressure on gold prices. (3) Overnight data showed that U.S. retail sales rose more than expected in December, and the economy entered the new year at a solid pace. The U.S. dollar index held near a five-week high. U.S. 10-year Treasury yields are also hovering near five-week highs. (4) GoldSilver’s Lan said, "This year has just begun, and many investors may think that the price will not go up again, so it is time to take profits… In our view, this is a normal market cycle. ” (5) Traders will be watching Atlanta Fed President Bostic’s speech, who is expected to speak at two events later today. In addition, investors will also need to pay attention to the release of US housing market data and changes in initial jobless claims in the evening