Spot gold was unchanged at $2,044.49 per ounce, after dropping for the week on Friday, and US gold futures added 0.1% to $2,051.10 per ounce

Gold prices were steady on Monday after mixed US economic data last week left traders looking for more clues on the pace and scale of the Fed’s interest rate cuts, with the focus now shifting to a key inflation data due later this week.

Spot gold was unchanged at $2,044.49 per ounce, as at 0139 GMT, after dropping for the week on Friday.

US gold futures added 0.1% to $2,051.10 per ounce.

Trading was thin in Asia, with the Japanese market shut for a holiday.

The US dollar index was also steady, after marking its best week since July 2023 on Friday, making bullion more expensive for other currency holders, while benchmark US 10-year Treasury yields, held above 4%.

US employers hired more workers than expected in December, official data showed, but according to data from the Institute for Supply Management, the services sector slowed significantly last month.

Market participants are pricing in nearly 64% possibility of a rate cut by the US central bank in March, shows the CME FedWatch tool.

Comex gold speculators raised their net long position by 2,009 contracts to 137,516 in the week to January 2, data showed on Friday.

On the physical front, gold buying in major consumer India increased last week, as domestic prices dropped back from record highs.

Investors now wait for Thursday’s US consumer price inflation (CPI) report for further direction on the Fed’s rate cut timings.

Spot silver was little changed at $23.17 per ounce, while platinum gained 0.3% to $963.24, and palladium added 0.3% to $1,030.28 after a nine-session slide.