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Gold prices fell by more than $5 at the end of trading today, Wednesday, January 10 (2024), registering its fourth consecutive loss across all sessions.
This comes as traders await a key report on inflation in the United States, which could shed light on the path of interest rate cuts by the Federal Reserve.
Gold prices ended trading yesterday, Tuesday, January 9, with a slight decline, with the US currency index rising against a basket of major currencies.
Gold prices today
At the end of the session, gold futures prices – for delivery in February 2024 – fell 0.25%, or the equivalent of just $5.2, to $2,027.8 an ounce.
By 6:45 p.m. GMT (9:45 p.m. Mecca time), prices for gold instant delivery contracts fell 0.39% to $2,022.31 an ounce, according to figures from the specialized energy platform.
At the same time, the spot price of silver metal fell by 0.28% to $22.92 per ounce, the spot price of platinum fell by about 1.35% to $922.19 per ounce, while the spot price of palladium fell by 1.44% to the Ounce rose to a record $995.11 per ounce.
On the other hand, the dollar index – which measures the performance of the US currency against six major currencies – fell by 0.18% to reach 102.38 points.
Gold jewelry at an exhibition – Photo by Reuters
Gold price analysis
“A combination of stability in the U.S. dollar and Treasury yields has effectively depressed gold prices, unlike what we saw in late 2023,” said Tim Waterer, chief market analyst at KCM Trade.
The dollar index against a basket of currencies is up 1.2% so far this month, while 10-year U.S. Treasury yields have risen 4.0264%.
Traders are now focusing on the U.S. consumer price inflation report, due out tomorrow, Thursday, which is expected to show headline inflation rose 0.2% in December and 3.2% on an annual basis.
Waterer added: “Any signs of weakness in the data could be a boon for gold prices,” Reuters reported.
An American report revealed that consumers expect inflation to fall, while Federal Reserve Governor Michelle Bowman said the US Federal Reserve’s monetary policy was “sufficiently restrictive”.
According to the specialized energy platform, market participants expect a probability of around 66% that there will be an interest rate cut in the USA in March.
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