Gold prices decline amid rising dollar and anticipation of inflation data.
Gold Prices Dip Following Previous Surge in Anticipation of US Inflation Report
Gold prices experienced a decline this Thursday, following a significant increase of over 2% in the previous session. This fluctuation is set against the backdrop of a rising US dollar and market hesitation leading up to the release of a crucial inflation report in the United States.
Gold Weighed Down by Dollar Strength
Spot gold fell by 0.4%, settling at $4,961.57 per ounce. The strengthening of the dollar has exerted pressure on the yellow metal, which is traditionally sensitive to fluctuations in the US currency.
Futures Contracts Decline
Meanwhile, US gold futures for April delivery dropped by 0.6%, reaching $4,981 per ounce. This downturn reflects a climate of caution due to uncertainties surrounding future interest rate developments.
Other Precious Metals Also Drop
In terms of other precious metals, silver decreased by 0.5% to $76.83 per ounce after having lost more than 5% in the previous session. Platinum saw a slight decline of 0.1%, settling at $2,069.35 per ounce.
Investors remain vigilant as they await the upcoming US inflation data, which could significantly influence monetary policy directions and trends in global financial markets.
