Gold prices rise on rate cut expectations as market focuses on Federal Reserve Chair candidate

On January 9, gold prices rose as traders awaited key US economic data to determine this year's interest rate path, with this week's gains expected to reach 3.4%. Soojin Kim from Mitsubishi UFJ Bank stated that the market is focused on the December non-farm payroll report to be released on Friday, with expectations of robust hiring but a stable unemployment rate, which may reduce the urgency for the Federal Reserve to resume rate cuts. In addition, traders are closely watching the selection of the Federal Reserve Chair. US Treasury Secretary Yellen stated that President Trump is expected to nominate Powell's successor later this month.