Mitsubishi UFJ: Strong economic data in the US puts pressure on gold, market awaits clearer outlook.

Gold futures rose slightly in relatively light trading, but with uncertainty around the prospect of a rate cut by the Federal Reserve and strong U.S. economic data, gold prices are expected to decline slightly this week. Analysts at Mitsubishi UFJ Securities stated in a report that strong initial jobless claims and retail sales data have kept the market cautious ahead of the next Fed meeting. Nevertheless, due to geopolitical risks and concerns about dollar-denominated assets caused by the weakening U.S. dollar, gold prices have risen by 27% since the beginning of the year. The analysts added that gold prices have been fluctuating within a range recently as the market waits for further clarification on U.S. trade policies, tariffs, and rate cut prospects.