Gold scores 5th straight session gain on softer US dollar

Gold prices tallied a fifth straight session gain today, Jan. 25, marking another settlement at the highest level in nine months, or since June 2022, as investors await the release of US economic data this week.

The greenback-priced bullion’s appeal was boosted by forecasts that the Federal Reserve would dial down the pace of monetary tightening and lift interest rates by 25 basis points (bps) during the upcoming Jan. 31-Feb. 1 meeting.

Markets are awaiting the release of US GDP data for the fourth quarter of 2022, which is due tomorrow, Jan. 26.

In terms of trading, gold for February delivery advanced 0.4%, or $7.20, to $1,942.60 an ounce.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, shed 0.2% to 101.663 points at 9:47 pm Makkah time.