[NY Gold] Rebound to $4,114.50, the highest price in two weeks (9th)

Gold futures prices on the New York Mercantile Exchange (COMEX) rebounded on the 9th, the start of the week, on the back of the dollar's depreciation against the euro, while inflation concerns eased against the backdrop of low oil prices. The settlement price (equivalent to the closing price) of the central December contract was $4,114.50 per ounce, an increase of $39.60 (0.97%) from the previous weekend. Based on the settlement value of the central contract month, it reached its highest level in about two weeks since late October.

In a telephone interview on CNN TV on the 8th, US President Trump said that as long as negotiations with Iran, including the opening of the Strait of Hormuz, a key oil transportation hub, progress, there is a "very low chance" of another attack. He expressed his intention to prioritize diplomacy for the time being in order to end the military operation against Iran. Meanwhile, regarding negotiations with Iran, Vice President Vance is said to be holding indirect talks with Iran toward a cessation of fighting through the mediation of Qatar and Pakistan, and is said to be seeking to start working-level talks. Expectations for a easing of tensions between the US and Iran are growing, and US crude oil futures prices have fallen sharply. As inflation concerns eased, long-term interest rates in the US temporarily fell and the dollar depreciated against the euro. As a result, products traded in dollar terms began to feel undervalued, and buying became dominant in the market.

Meanwhile, the market will also be closely monitoring inflation-related indicators such as the U.S. Consumer Price Index (CPI) and the U.S. Wholesale Price Index (PPI), which will be released later this week. There was a strong desire to determine the future direction of the US Federal Reserve's monetary policy based on these factors.

Elsewhere, Reuters reported that the People's Bank of China increased its gold reserves by about 25.8 tons in October. This is the largest monthly purchase in three years, according to data from the World Gold Council (WGC), an industry group.