Gold for January delivery edged down 0.33% to $2739.60 an ounce and reversing gains from a one-month high attained in the previous week. The rally had been driven by a weaker U.S. dollar and renewed expectations for Federal Reserve rate cuts, following softer inflation and weak retail sales data. Fed Governor Christopher Waller's remarks on possible multiple rate cuts boosted the non-yielding metal's appeal. Meanwhile, easing geopolitical tensions, including a ceasefire agreement between Israel and Hamas, tempered demand for safe-haven assets. Despite the modest pullback on the day, the price of gold for January delivery jumped 1.3 percent last week to earn its third consecutive weekly gain. In U.S. economic news, the Federal Reserve released a report showing industrial production increased by much more than expected in the month of December. The Fed said industrial production jumped by 0.9 percent in December after rising by a revised 0.2 percent in November. Meanwhile, investors now await President-elect Donald Trump's inauguration later in the global day.

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