Drop in Gold Prices

Gold Prices Decline Amid Lunar New Year Celebrations

On Tuesday, February 17, gold prices fell by 1% due to low trading volumes in the major Asian markets, largely influenced by the Lunar New Year holidays. Additionally, the strengthening dollar also impacted prices negatively.

Spot gold dropped by 0.9%, settling at $4,947.98 per ounce, after experiencing a larger decline of 1% earlier in the session. Meanwhile, U.S. gold futures for April delivery decreased by 1.6%, reaching $4,966.80 per ounce.

The dollar index rose by 0.2% against a basket of currencies, making gold more expensive for holders of other currencies.

U.S. markets were closed on Monday in observance of Presidents’ Day, while markets in China, South Korea, and Taiwan were closed for the Lunar New Year celebrations.

In terms of other precious metals, silver saw a significant drop of 2.7% in the spot market, priced at $74.51 per ounce after plummeting by over 3% earlier in the day. Platinum prices fell by 0.8%, reaching $2,025.05 per ounce, while palladium declined by 1.5%, trading at $1,698.10 per ounce.