2024-03-01 08:50:37
At the beginning of today’s trading, Friday, March 1 (2024), gold prices witnessed a marginal decline of about two dollars, at a time when the dollar index continues its slow rise against the basket of major currencies.
Investors in the yellow metal placed high hopes on a reduction in interest rates by the Federal Reserve, the US central bank, to support gold’s strength against the dollar, according to what was reviewed by the specialized energy platform.
Gold prices rose by about $12 at the end of trading yesterday, Thursday, February 29, but they recorded monthly losses, amounting to about $13 per ounce, at a time when the yellow metal tried to hold on to its solidity and value.
Gold prices today
By 07.55 a.m. GMT (10.55 a.m. Mecca time), gold futures prices for April 2024 delivery fell by 0.09%, or the equivalent of $1.9, recording about $2,052.80 per ounce.
At the same time, spot gold contracts fell by 0.06%, reaching $2,043.11 per ounce, according to figures reviewed by the specialized energy platform.
Gold jewelry in an exhibition – photo from Reuters
The spot price of silver metal fell by 0.6% to $22.79 per ounce, while the spot price of platinum fell by 0.72% at $873.97 per ounce, and the spot price of palladium fell by 0.60%, to record $941.03 per ounce.
At the same time, it rose Dollar index – which monitors the performance of the US currency against 6 major currencies – by 0.02%, to the level of 104.072 points.
Gold price analysis
City Index chief analyst Matt Simpson believes that the markets felt relieved that there were no bad surprises in the personal consumption expenditures report in the United States, as gold traders expressed optimism about the slowdown in basic expenses annually.
Data from the US Department of Labor showed that initial unemployment aid applications rose by 13,000 applications to 215,000 applications during the week ending February 24, while it was expected to rise to 209,000 applications, according to what was monitored by the specialized energy platform.
Markets analyst at Capital.com, Kyle Rodda, pointed out the importance of these expenses, with a surprise in the upside, which brings the risk of a decline in gold prices, as the bullion trading process is taking place in a specific range, and surprisingly, it is still holding up.
It is noteworthy that US Federal Reserve officials ruled out this week achieving the 2% inflation target anytime soon, but there are still hopes for lowering interest rates later this year.
US Federal Reserve headquarters – photo from Bloomberg
Gold prices had stabilized on a monthly basis in February 2024, despite traders reducing their bets to 3 interest rate cuts, by 0.25 points in America during the current year, in addition to the rise in standard 10-year US Treasury bond yields by more than 30 basis points. During the same month.
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