2024-02-23 07:58:00
© Reuters.
Investing.com – The movement of gold prices varied during these moments of trading, today, Friday, and is heading towards achieving its first weekly rise in three weeks, as the weakness of the US dollar and increasing tensions in the Middle East increased the attractiveness of the yellow metal.
“There is a fair amount of physical buying, especially from central banks, and the fact that the dollar has not moved higher also gives gold a little more support,” Marks analyst Edward Meier said.
“Geopolitical tensions are also helping to provide some support to gold as well,” Mayer added.
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Tensions have risen in the Middle East with the Houthis in Yemen claiming responsibility for an attack on a UK-owned cargo ship, and targeting the port of Eilat with ballistic missiles and drones.
At the same time, it is headed for its first weekly decline in nearly two months, making bullion priced in the US currency less expensive for foreign buyers.
However, recent data showing higher-than-expected US consumer and producer prices dashed hopes of an early interest rate cut by the Federal Reserve and kept gold’s gains in check.
Markets are currently anticipating a 62% chance of a Fed rate cut in June, according to the report. Low interest rates enhance the attractiveness of holding non-yielding bullion.
Gold at settlement yesterday
Gold futures prices turned lower when settling trading yesterday, Thursday, following the release of economic data that showed the flexibility of the American labor market.
Upon settlement, gold futures prices for April delivery fell by 0.2%, or $3.6, at $2,030.7 per ounce, following an earlier rise to $2,045.5.
According to data from the US Department of Labor, initial unemployment claims decreased by 12,000 to 201,000 in the week ending February 7, contrary to expectations for an increase to 216,000.
Gold and dollar now
It is now rising 0.04% to $2,031 an ounce.
While it declines by about 0.11% to 2022 dollars per ounce. But it rises by about 0.44% on a weekly basis.
On the other hand, the dollar index index fell by 0.07% to 103.809 points.
other metals
Platinum in spot transactions fell 0.4% to $898.05 per ounce, and fell 0.2% to $965.69. It gained 0.2% to $22.78 per ounce, but fell 2.6% since the beginning of the week.
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