Gold prices rise slightly amid volatile market conditions.
Gold prices experienced a slight rebound this Friday after hitting their lowest level in nearly a week yesterday, as global markets continue to exhibit high volatility.
Gold Rises in the Spot Market and Futures Contracts
Spot gold increased by 0.6%, reaching $4,949.99 per ounce, although it remains down 0.2% since the start of the week.
In parallel, U.S. gold futures for April delivery rose by 0.4%, reaching $4,968 per ounce, reflecting the market’s attempt to recover some of its recent losses.
The Breach of the Psychological Threshold of $5,000 Weighs on the Market
Yesterday, gold fell by about 3%, hitting its lowest level in a week after breaching the significant psychological threshold of $5,000 per ounce.
This decline was intensified by selling pressure following the downturn in stock markets, leading investors to reduce their positions in the precious metal.
Silver: A Rebound After a Sharp Drop
Spot silver increased by 1.5%, reaching $76.31 per ounce, after plummeting by 11% on Thursday.
Despite this rebound, silver is expected to record a weekly loss of around 2.1%, amidst ongoing substantial volatility.
Factors Currently Influencing Gold Prices
- Volatility in global stock markets
- Fluctuations in the U.S. dollar
- Technical support and resistance levels
- Investor orientation towards safe-haven assets
