BlockBeats news, on February 9, spot gold rose 1.2%, to 5,029.09 U.S. dollars per ounce. Previously, gold prices surged nearly 4% on Friday. Spot silver rose 4.3%, to 81.1 U.S. dollars per ounce, with a rise of as much as 10% in the previous trading session. The U.S. dollar index fell to its lowest level since February 4, making dollar-denominated precious metals more attractive to overseas buyers.
On Sunday, U.S. Treasury Secretary Scott Bessent said that even under the leadership of Federal Reserve Chair nominee Kevin Warsh, he does not expect the Fed to quickly reduce its balance sheet. Mary Daly, President of the Federal Reserve Bank of San Francisco, said on Friday that one to two more rate cuts may still be needed in response to a weakening labor market. Investors are waiting for the U.S. nonfarm payrolls report for January, to be released on Wednesday, for more clues about the Fed's monetary policy path. (Gold 10)