Gold and silver are set for a weekly decline amid dollar strength.
Gold and Silver Prices Set for Second Consecutive Weekly Decline
Gold and silver prices are on track this Friday for a second consecutive weekly decline, amidst the ongoing strength of the dollar and heightened pressures on tech stocks, which have dampened investor appetite for riskier assets.
Spot gold advanced by 0.4% to reach $4,790.80 per ounce, yet it remains poised for a weekly loss of around 1.4%. Meanwhile, U.S. gold futures for April delivery fell by 1.7% to $4,806.50 per ounce.
Silver stabilized at $71.32 per ounce after experiencing significant losses in the previous session. The gray metal is also heading towards a weekly drop of nearly 16%, following a substantial decline observed last week.
This trend occurs against a backdrop of decreased risk appetite in global markets, characterized by falling equities, while the dollar maintains elevated levels, marking its best weekly performance since last November.
In terms of other precious metals, platinum fell by 4.7% to $1,892.74 per ounce, while palladium increased by 0.8% to $1,628.95. However, both metals are still set for overall weekly losses.
