Gold remains steady to open the week

(Reuters) – Gold prices inched down on Monday after the dollar firmed on expectations of further U.S. interest rate hikes this year.

U.S. gold futures slipped 0.3 percent on Monday at $1,318.80 an ounce.

“January is usually a good month for gold prices and should remain so on the anticipation of physical demand ahead of the Chinese New Year,” said Stephen Innes, APAC head of trading, Oanda.

“While there could be some downside pressure from a possible U.S. dollar correction, gold will likely remain firm until a March Fed hike possibility comes on the radar,” Innes said.

Reuters

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Stephen Innes

Stephen Innes

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes