2024-01-25 07:50:02
Gold prices fell marginally during today’s trading, Thursday, January 25 (2024), to continue bleeding losses for the second session in a row, supported by the rise in the dollar and US Treasury bond yields.
The precious metal hovered near its lowest levels in a week, with investors awaiting US GDP numbers and the European Central Bank’s monetary policy meeting later on Thursday.
Gold prices ended their trading yesterday, Wednesday, January 24, with a decline of regarding $10, cutting off the gains achieved during the last session, with the rise in US bond yields.
Gold prices today
By 07:25 AM GMT (10:25 AM Mecca time), gold futures prices – for delivery in April 2024 – fell by 0.03%, or the equivalent of $0.7, to reach $2,034.50 per ounce.
On the other hand, the prices of contracts for immediate delivery of gold rose by 0.17%, to $2,017.39 per ounce, according to figures seen by the specialized energy platform.
The spot price of silver metal increased by 0.62% to $22.81 per ounce, and the spot price of platinum rose by regarding 0.26% at $905.82 per ounce, while the spot price of palladium decreased by 0.24%, to record $963.11 per ounce.
At the same time, it decreased Dollar index – which monitors the performance of the US currency once morest 6 major currencies – by 0.01%, reaching the level of 103.25 points.
Gold jewelry in an exhibition – photo from Reuters
Gold price analysis
Gold prices reached their lowest level in nearly a week on Wednesday, following data indicated that the US economy started 2024 strong, with business activity rebounding in January, as inflation appears to be easing.
“The US economy continues to defy pessimism, and this has allowed markets to price in policy easing and the risk of recession,” said Kyle Rodda, financial markets analyst at Capital.com. Reuters.
The dollar index hovered near the highest level in 6 weeks, making gold priced in the US currency less attractive to holders of other currencies, while yields on standard 10-year US Treasury bonds were not far from the highest level in more than a month, at 4.1980%, which they touched yesterday. .
Rodda said that given that there is still a chance of a March rate cut implicit in financial markets, strong data over the next few weeks and a possible response from the Federal Reserve at the end of the January policy meeting will make gold prices vulnerable to further… decline.
Markets are currently anticipating a 43% chance of a Fed rate cut in March, however, these expectations have been largely postponed until May, with an 88% chance of policy easing, according to data seen by the specialist energy platform.
Investors are now awaiting the first reading of the US GDP for the fourth quarter scheduled at 01:30 pm GMT (04:30 pm Mecca time), and the European Central Bank’s policy decision at 03:15 pm GMT (06:15 pm Mecca time). Al-Mukarramah), and personal consumption expenditure data on Friday.
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