2024-02-09T05:56:25+00:00
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/ Gold prices stabilized in modest trading on Friday, with Chinese markets closed for the Lunar New Year holiday, while the strength of the dollar undermined demand for safe haven amid concerns exacerbated by unrest in the Middle East.
The Shanghai Futures Exchange will remain closed from February 9 to 16 for the Lunar New Year holiday.
Middle East concerns cast a shadow over markets after Israeli forces bombed areas in the southern border city of Rafah after Prime Minister Benjamin Netanyahu rejected a truce proposal by the Palestinian Hamas movement.
The dollar index and 10-year Treasury yields are headed for weekly gains.
Spot gold was at $2,032.76 an ounce by 0404 GMT. The yellow metal has fallen 0.3 percent so far this week.
US gold futures settled at $2,047.70 an ounce.
Spot palladium prices fell below platinum on Thursday for the first time since April 2018. However, palladium later regained its position and rose 0.6 percent to $892.26 an ounce, while platinum rose to $890.09 an ounce.
Spot silver rose 0.2 percent to $22.63 an ounce.