Gold price down $9, weekly loss – (Update)

Gold fell more than $9 in today's trading close on Friday, February 9 (2024) and posted a weekly loss of $15 per ounce.

The decline in yellow metal prices comes as Chinese markets are closed during the Lunar New Year holiday, while markets await geopolitical tensions in the Middle East.

The Shanghai Futures Exchange is closed from February 9 to February 16 for the Lunar New Year holiday.

Yesterday, Thursday, February 8, gold prices ended trading around $4 lower, as the U.S. currency index rose amid anticipation of U.S. data that could reveal the path of interest rates.

Gold price today

By the end of the session, prices of gold futures contracts – for delivery in April 2024 – were up 0.44%, or equivalent to $9.2, to reach $2038.70 per ounce, and recorded a weekly loss of 0.7%, or equivalent to $15. .

At 06:45 GMT (09:45 Makkah time), prices of contracts for immediate delivery of gold fell 0.55% to $2,023.29 an ounce, according to data seen by a specialist energy site.

Gold jewelry at an exhibition – Photo from Reuters

Meanwhile, spot silver fell 0.21% to $22.54 an ounce, spot platinum was down 1.51% to $876.34 an ounce, and spot palladium was down 2.64% to $867.88 an ounce.

At the same time, he retreated Dollar symbol – It tracks the performance of the US currency against 6 major currencies – up 0.09%, reaching the level of 104.07 points, and preparing to achieve weekly gains.

Gold Price Analysis

“Some pressure on US regional banks, Chinese New Year demand and tensions in the Middle East have put a damper on the metal,” said InProved precious metals trader Hugo Pascal. Reuters.

See also  Two Hezbollah members were killed in an Israeli airstrike in southern Lebanon

There were concerns about the Middle East; Israeli forces bombed areas in the southern border town of Rafah after Prime Minister Benjamin Netanyahu rejected a ceasefire proposal put forward by Hamas.

Traders pulled back their bets on a rate cut in May, with the focus on a US consumer price index report next week, after Federal Reserve officials said they would delay cutting interest rates until they are confident inflation will fall to 2%. . In America.

Related topics..

Also read this…

Subscribe to the newsletter to receive the most important energy news.

Leave a Reply

Your email address will not be published. Required fields are marked *