Gold prices fell by more than $9 at the end of today’s trading, Friday, February 9 (2024), and recorded weekly losses of $15 per ounce.
The decline in yellow metal prices comes with the closure of Chinese markets on the occasion of the Lunar New Year holiday, while markets await geopolitical tensions in the Middle East.
The Shanghai Futures Exchange is closed from February 9 to February 16 for the Lunar New Year holiday.
Yesterday, Thursday, February 8, gold prices ended their trading with a decline of about $4, with the US currency index rising, amid anticipation of US data that may reveal the path of interest rates.
Gold prices today
At the end of the session, the prices of gold futures contracts – for delivery in April 2024 – fell by 0.44%, or the equivalent of $9.2, to reach $2038.70 per ounce, and recorded weekly losses of 0.7%, or the equivalent of $15.
By 06:45 pm GMT (09:45 pm Mecca time), the prices of contracts for immediate delivery of gold fell by 0.55%, reaching $2,023.29 per ounce, according to figures seen by the specialized energy platform.
Gold jewelry in an exhibition – photo from Reuters
At the same time, spot silver prices fell by 0.21% to $22.54 per ounce, spot platinum fell by 1.51% at $876.34 per ounce, while spot palladium fell by 2.64%, to $867.88 per ounce.
At the same time, he retreated Dollar index – which monitors the performance of the US currency against 6 major currencies – by 0.09%, reaching the level of 104.07 points, and is preparing to achieve weekly gains.
Gold price analysis
“Some pressures in US regional banks, Chinese New Year demand and tensions in the Middle East have put a damper on the metal,” InProved precious metals trader Hugo Pascal said. Reuters.
Concerns remained about the Middle East; Israeli forces bombed areas in the southern border city of Rafah after Prime Minister Benjamin Netanyahu rejected the truce proposal presented by Hamas.
Next week, focus will shift to the US Consumer Price Index report after Federal Reserve officials said they would delay cutting interest rates until they have more confidence that inflation is heading down to 2%, as traders scaled back their bets on a rate cut in May. in the United States.
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2024-02-09 19:11:23
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