Gold Prices Decline 1% as Dollar Gains Ground, Yet Weekly Increase Likely

Post by : Bianca Suleiman

On Friday, gold prices saw a slight downturn, trading at approximately $4,590 per troy ounce. This decline coincided with a recovery in the US dollar and a decrease in geopolitical tensions.

As of 15:48 GMT, spot gold had dropped 1% to $4,567.89 per ounce. Nevertheless, it still appeared set to achieve its second weekly improvement, following a peak of $4,642.72 reached on Wednesday.

US gold futures for February delivery decreased by 1.1%, settling at $4,570.90 per ounce.

In the realm of precious metals, spot silver faced a significant drop of 4.5%, trading at $88.14 per ounce. However, silver was poised for impressive weekly gains of over 10%, having clocked an all-time high of $93.57 in the prior session.

Platinum saw a decline of 4.7% to $2,296.75 per ounce, yet was expected to achieve gains for the week. Palladium prices also fell by 3.1%, reaching $1,744.95 per ounce.

In other news, US stock markets began the day on a positive note, particularly among chipmaker stocks amid a fluctuating trading week. At the start, the Dow Jones Industrial Average rose by 24.3 points (0.05%) to 49,466.7, while the S&P 500 climbed 16.1 points (0.23%) to 6,960.54. The Nasdaq Composite also advanced, increasing by 109.7 points (0.47%) to 23,639.687.