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Gold prices inched higher on Monday, supported by a softer dollar, while investors awaited a slew of U.S. economic data including the December nonfarm payrolls report for further guidance on the Federal Reserve's interest rate stance.Spot gold GOLD rose 0.2% to $2,643.69 per ounce by 0229 GMT. U.S. gold futures GOLD climbed 0.1% to $2,656.80."A subdued start to the week by the U.S. dollar is helping gold to eke out some gains," said Tim Waterer, chief market analyst at KCM Trade.

Gold edges higher in early Asian trade, ahead of key U.S. economic data this week such as the monthly jobs report for November. The data will provide clues on the Federal Reserve's monetary policy outlook, says FlowCommunity's commercial director Tito Iakopa in an email. Gold typically has an inverse relationship with interest rates, with high rates damping demand for the non-interest-bearing metal. Meanwhile, ongoing geopolitical tensions, particularly the Russia-Ukraine conflict, is supporting the precious metal's demand, Iakopa adds. Spot gold is up 0.1% at $2,642.32/oz. (amanda.lee@wsj.com)

Billionaire and X owner Elon Musk posted a meme depicting Doge today. Although he directly referred to the Department of Government Efficiency, the meme asset Dogecoin also pumped briefly.Is Musk deliberately trying to boost DOGE through these seemingly unrelated tweets? A recent class-action lawsuit against him directly addressed this possibility.

Donald Trump raised the specter of a global trade war when he took to his platform Truth Social late on Monday to threaten 25% tariffs on Mexico and Canada when he returns to the White House if they don't better control their borders.President-elect Trump also threatened to slap an additional 10% tariff on all Chinese imports when he takes office on Jan. 20, adding that he would impose the tariffs until Beijing stops the flow of illegal drugs, particularly fentanyl, into the United States.The Chinese Embassy in Washington responded by saying neither country would win a trade war.

Donald Trump raised the specter of a global trade war when he took to his platform Truth Social late on Monday to threaten 25% tariffs on Mexico and Canada when he returns to the White House if they don't better control their borders.President-elect Trump also threatened to slap an additional 10% tariff on all Chinese imports when he takes office on Jan. 20, adding that he would impose the tariffs until Beijing stops the flow of illegal drugs, particularly fentanyl, into the United States.The Chinese Embassy in Washington responded by saying neither country would win a trade war.

Gold traded around $2,570 per ounce on Friday, heading for its worst week since June 2021, pressured by a strong US dollar and reduced expectations for Federal Reserve rate cuts, which diminished the appeal of non-interest-bearing gold.On Thursday, Fed Chair Powell signaled that there was no immediate need to cut rates, citing the strength of the economy, a robust job market, and persistent inflation.

After the US election, digital asset investment products attracted $1.98 billion in inflows, marking the fifth consecutive week of positive inflows. This resulted in year-to-date total inflows to hit a new record of $31.3 billion.Global assets under management also hit an all-time high of $116 billion following recent price increases. Trading volumes surged by $20 billion, the highest since April, though not a new record.Market Bullishness Puts Pressure on Short-Bitcoin Products

Bitcoin is trading in uncharted territory, potentially approaching the six-figure price tag for the first time in history.The Bitcoin BTCUSD price broke above a new high of $82,410 at 10:19 am UTC on Nov. 11, Bitstamp data shows.

Gold futures fall 1% to $2,668.20 a troy ounce. The precious metal has been pressured by profit-taking triggered by the U.S. election, SP Angel analysts say in a note. This suggests traders were positioned for a less clear-cut outcome, they say. A stronger U.S. dollar after Trump's victory gas also been weighing on prices, the analysts write. The next catalyst for gold will likely be Consumer Price Index data due Wednesday, which should provide hints as to the Fed's next move on monetary policy easing. Further rate cuts could reignite inflation and boost gold, SP Angel says. Elsewhere, there is speculation about how Trump's relationship with China's Xi Jinping and Russia's Vladimir Putin may affect BRIC countries' current plans for foreign reserve diversification, a recent boon to gold prices, SP Angel adds. (joseph.hoppe@wsj.com)

Gold's rally may have run its course, UOB Global Economics & Markets Research's Quek Ser Leang says in a research report. Last week, gold formed 'Doji' pattern on weekly candlestick chart, which is typically perceived as a bearish signal, the markets strategist says. Crossover in weekly slow stochastics from overbought territory suggests downside risks are building. On the daily chart, gold broke below the three-month rising trendline support two sessions ago, with bearish divergence on daily MACD. However, any pullback will probably be choppy and potentially drawn out, with initial support at 55-day exponential moving average, which is now at $2,636/oz, the strategist adds. Spot gold is down 0.4% at $2,694.69/oz.