2024-01-25T06:22:02+00:00
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/ Gold prices are approaching the lowest level in a week, on Thursday, amid the strength of the dollar and rising bond yields, while investors await GDP data in the United States and the European Central Bank’s monetary policy meeting later on Thursday.
Gold rose in spot transactions by 0.2 percent to $2,015.83 per ounce by 04:24 GMT, while US gold futures saw little change at $2,015.80.
Gold fell to its lowest level in about a week on Wednesday after data showed that the US economy began 2024 with a strong performance amid a recovery in business activity in January and signs of slowing inflation.
The dollar index rose 0.1 percent to remain near the highest level in six weeks, making the gold priced in it less attractive to holders of other currencies.
Markets currently expect 43 percent that the Federal Reserve (the US central bank) will cut interest rates in March, and lower interest rates reduce the opportunity cost of holding bullion that does not generate returns.
Investors are awaiting the first reading of the US gross domestic product for the fourth quarter, which is scheduled to be published at 13:30 GMT, as well as the European Central Bank’s decision on monetary policy, which is expected at 15:15 GMT.
As for other precious metals, silver rose in spot transactions 0.4 percent to $22.76 per ounce, platinum rose 0.3 percent to $901.53, and palladium increased 0.1 percent to $964.07.