Gold retreats amid rising dollar and diminished hopes for U.S. interest rate cuts.
Gold prices have experienced a decline due to a strengthening U.S. dollar, while soaring oil prices rekindle inflation fears and diminish expectations for an imminent reduction in U.S. interest rates.
As of 05:45 GMT, spot gold fell by 0.4%, settling at $5,153.79 per ounce, while April futures contracts also decreased by 0.4%, reaching $5,159.20 per ounce.
The dollar’s 0.2% increase makes the precious metal more expensive for investors holding other currencies, heightening pressure on the market.
Other precious metals showed mixed results:
Spot silver dropped by 0.5% to $85.33 per ounce.
Platinum fell by 0.3% to $2,162.24 per ounce.
Palladium, on the other hand, rose by 0.3% to $1,642.05 per ounce.
This trend reflects uncertainties in global markets, driven by the strength of the dollar and inflationary pressures linked to rising energy prices.
