GOLD "Push ups" dropped drastically

The world gold price was at 2,016 USD/ounce, down 10 USD/ounce compared to the same time yesterday morning. Gold prices turned lower after the latest published data showed US business activity remained strong. In particular, S&P Global survey results showed that US business activity recovered in January. A strong US economy coupled with resistance from US Central Bank officials caused some Investors to reconsider betting on an interest rate cut by the US Federal Reserve (Fed).

The gold market is in a neutral environment as prices continue to stay above 2,000 USD/ounce and are unable to break out of the current range. Gold's recovery appears to be fading, raising the risk of further weakness if central banks continue to defy market expectations of interest rate cuts.

Currently, investors are waiting for other economic indicators to get more clarity regarding when the Fed will make its first interest rate cut. This week, the US will release preliminary fourth-quarter GDP estimates on Thursday and personal consumption expenditure data on Friday.