Gold Prices Rise Again

11 hours ago

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Gold Prices Rise Amid Lunar New Year Trading Lull

Gold prices increased on Wednesday, buoyed by buying activity after a decline of over 2% in the previous session. This rise comes in a context of low trading activity due to the Lunar New Year holidays in several Asian markets.

Spot gold rose by 0.2%, reaching $4,886.69 per ounce, after hitting its lowest level in more than a week the day before. Meanwhile, U.S. gold futures for April delivery stabilized at $4,904.50.

This shift occurs as the dollar continues to strengthen, with markets awaiting the release of the minutes from the U.S. Federal Reserve’s meeting. This is set against expectations of three interest rate cuts this year, each by 25 basis points.

Turning to other precious metals, silver fell by 0.8% to $72.86 per ounce, while platinum saw a gain of 0.9%, reaching $2,025.80. Palladium, on the other hand, rose by 0.5% to settle at $1,690.54 per ounce.