2024-02-23 08:46:03
Gold prices fell at the beginning of today’s trading, Friday, February 23 (2023), marginally, reaching less than a dollar, with the Federal Reserve Chairman’s statements regarding reducing interest rates.
US Federal Reserve Chairman Christopher Waller said yesterday, Thursday, that there is a need to postpone cutting interest rates for at least another two months, until it is known whether the recent rise in inflation is temporary or not, according to what the dedicated energy platform reviewed.
It is noteworthy that gold prices had begun trading yesterday, Thursday, February 22, at an increase, but they declined at the end of trading by regarding $4, continuing the declining performance for the second day, following 4 sessions of continuous rise.
Gold prices today
By 07:45 AM GMT (10:45 AM Mecca time), gold futures prices, for April 2024 delivery, fell by regarding 80 cents, or 0.04%, recording $2,029.90 per ounce.
At the same time, the prices of contracts for immediate delivery of gold fell by regarding $4, by 0.20%, to reach $2,020.28 per ounce, according to figures seen by the specialized energy platform.
Gold jewelry in an exhibition – photo from Reuters
The spot price of silver metal also fell by 0.21% to $22.89 per ounce, while the spot price of platinum fell by 0.15% at $900.36 per ounce, and the spot price of palladium fell by 0.51% to record $965.15 per ounce.
At the same time, it decreased Dollar index – which monitors the performance of the US currency once morest 6 major currencies – by 0.06%, reaching the level of 103.90 points.
Gold price analysis
Markets expert at GCM, Alfred Sander, said that talk regarding the Federal Reserve Chairman not lowering US interest rates indicates that the dollar is waiting for a jump during the next stage.
He explained that fixing interest rates at July 2023 levels at a rate of 5.25 to 5.5% might reflect positively on the strength of the US currency in the basket of major currencies. Which may affect gold prices in the long term, according to statements reviewed by the specialized energy platform.
US Federal Reserve headquarters – photo from Bloomberg
Markets analyst at IGC, Maria Scott, indicated that the decline in gold prices during the recent sessions over two consecutive days was due to a lack of clarity in the vision in the markets, but the expected state of stability may take things to another direction.
It is noteworthy that the rises and falls that gold prices witnessed during the past days came as a result of conflicting expectations regarding interest rates, especially with the confusing statements issued by leaders of the US Central Bank.
Last week, consumer and producer price data in the United States recorded higher than expected numbers. Which led to enhanced expectations for a reduction in interest rates by the Federal Reserve during March 2024.
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