Gold Retreats as the Dollar Strengthens

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Gold and Silver Prices Dip Amid Strong U.S. Job Data

Gold and silver prices experienced a decline on Thursday, affected by the rising dollar following the release of U.S. employment data for January, which exceeded market expectations. This development has diminished anticipations for an imminent cut in interest rates.

Gold Retracts Some Gains

In the spot market, gold fell by 0.3%, settling at $5,065.98 per ounce, after closing the previous session with a gain of over 1%. Meanwhile, U.S. gold futures for April also slipped by 0.2%, reaching $5,087.30 per ounce.

Silver Pulls Back After Strong Rally

Silver, on the other hand, saw a decline of 0.3% in the spot market, priced at $83.81 per ounce, following an impressive increase of approximately 4% during Wednesday’s session.

Mixed Performance Among Other Metals

As for other precious metals, platinum recorded a decrease of 0.3%, landing at $2,126.52 per ounce, while palladium appreciated by 1.4%, reaching $1,722.67 per ounce.