New York Gold Market: Gold Closes Down $38.7 | RYT9

New York gold futures ended lower on Friday (Feb 25), falling from $1,900/ounce. Because investors sell gold as a safe haven asset. After easing concerns regarding the Ukrainian crisis Russian President Vladimir Putin signaled that he was ready for talks with Ukraine.

Gold contract on COMEX (Commodity Exchange) for delivery in April It was down $38.7, or 2.01%, at $1,887.6 an ounce and was down 0.6% for the week.

Silver metal contract for delivery in May It was down 69.3 cents, or 2.8%, at $24.017 an ounce.

The platinum contract will be delivered in April. It was down $12, or 1.13%, at $1,050.1/ounce.

Palladium contract delivered in June It fell $136.20, or 5.4%, at $2,365.70 an ounce.

Gold futures fell on the sell-off. After the Chinese Ministry of Foreign Affairs revealed that President Vladimir Putin of Russia has told President Xi China’s Jinping over the phone said Russia is willing to hold high-level talks with Ukraine

Kremlin spokesman Dmitry Peskov said: Russia is ready to send its representative to Minsk, the capital of Belarus. to negotiate with the Ukrainian authorities

The release of better-than-expected US economic data on Friday (Feb 25) also put pressure on gold prices as a safe haven. The US Department of Commerce said that Orders for US durable goods, such as planes, cars and heavy machinery that are used for three years or more, rose 1.6 percent in January following a 1.2 percent gain in December.

Durable goods orders in January were boosted by aircraft orders.

Basic durable goods orders which is an order for capital goods excluding aircraft and weapons products Indicative of business spending plans, it jumped 0.9% in January following rising 0.4% in December.

The US Department of Commerce said that Basic personal consumption expenditure (PCE) price index, excluding food and energy It is a gauge of inflation that the US Federal Reserve (Fed) focuses on, rising 5.2 percent in January year on year. This is the largest increase since April 1983. and was higher than analysts’ expectations of 5.1%.

The PCE Index is a measure of inflation that can detect changes in consumer behavior. And it covers a broader range of prices for goods and services than the Consumer Price Index (CPI) data from the US Department of Labor.


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