Gold prices saw no major change today, Friday, but are set to record their worst weekly performance in more than three years, under pressure from the strength of the dollar.
The stability of the precious metal comes amid expectations of smaller interest rate cuts by the Federal Reserve (US central bank).
Gold in immediate trading rose 0.1% to $2,569.69 an ounce by 0308 GMT, after a five-session slide. Gold has fallen more than 4% since the start of the week.
Gold recorded its lowest level in two months in the previous session and fell more than $220 from the highest level recorded last month.
US gold futures also increased 0.1% to $2,574.50.
The dollar continues its march up this week since Donald Trump’s victory in the US presidential elections, making gold more expensive for holders of other currencies.
Fouad Razaqzadeh, a market analyst at Forex.com, said that gold’s weakness reflects expectations of a tighter US monetary policy in 2025 under Trump’s leadership.
High interest rates increase the opportunity cost of holding unproductive gold.
Data showed yesterday, Thursday, that producer prices rose in the United States in October, which supports the expectation that inflation will stop declining.
Investors await US retail sales data due for release at 1330 GMT, and comments from several Federal Reserve officials later in the day.
As for other precious metals, silver in spot transactions rose 0.2% to $30.52 an ounce. Platinum rose 0.1% to $940.68. Palladium also increased 0.5% to $946.00. All three metals are headed for weekly declines.
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2024-11-15 06:08:00
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