Gold is ahead on completion but is down for the second week in a row

yousef16 February 2024Last Update : 2 months ago
Gold is ahead on completion but is down for the second week in a row

Gold futures prices turned higher when settling trading on Friday, but recorded their second weekly loss as markets evaluated the prospects for monetary policy in the United States.

Upon settlement, the prices of gold futures contracts for April delivery rose by 0.45%, or $9.2, at $2,024.1 per ounce, after falling to $2,006.6, reducing the yellow metal’s losses since the beginning of the week at 0.7%.

While the value of the dollar index – which measures the performance of the US currency against a basket of six major currencies – stabilized at 104.22 points at 09:46 pm Mecca time, after rising to 104.67 points during the session.

According to data from the US Bureau of Labor Statistics, the annual rate of producer price inflation in the United States slowed to 0.9% in January, down from 1% in December.

Atlanta Federal Reserve President Raphael Bostic said he expects two interest rate cuts in 2024, but if inflation declines more quickly than expected, he may agree to three cuts, which is the average estimate policymakers announced in December.

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