Gold prices fell around 2% today as trading in major Asian markets remained weak. A strong dollar also weighed on prices due to the Lunar New Year holiday.
Gold fell 1.9% in immediate trading to $4,895.44 an ounce after falling 1% in early trading.
As for other precious metals, silver fell 5% to $72.66 an ounce in spot trading, after earlier falling more than 3%.
platinum is falling
In spot trading, platinum fell 2.6% to $1,997.57 an ounce and palladium fell 1.5% to $1,698.10.
U.S. gold futures for April delivery fell 2.6% to $4,917.70 an ounce.
The dollar index rose 0.2% against a basket of currencies, boosting the price of gold for holders of other currencies.
interest rate reduction
US markets were closed yesterday. Due to the President’s Day holiday, markets in mainland China, Hong Kong, Singapore, Taiwan, and South Korea are closed due to the Lunar New Year holiday.
According to CME Group’s Fed Watch tool, the market currently expects the Federal Reserve (the U.S. central bank) to cut interest rates by 25 basis points three times this year.
Gold prices fell about 2% today as trading in major Asian markets remained weak due to the Lunar New Year holiday, and a stronger dollar also weighed on prices.
Gold fell 1.9% to $4,895.44 an ounce in spot trading, after falling 1% early on.
As for other precious metals, silver fell 5% to $72.66 an ounce in spot trading, after earlier falling more than 3%.
platinum decline
In spot trading, platinum fell 2.6% to $1,997.57 an ounce, and palladium fell 1.5% to $1,698.10 an ounce.
U.S. gold futures for April delivery fell 2.6% to $4,917.70 an ounce.
The dollar index rose 0.2% against a basket of currencies, boosting the price of gold for holders of other currencies.
interest rate reduction
US markets were closed yesterday for President’s Day, and markets in mainland China, Hong Kong, Singapore, Taiwan and South Korea were closed for the Lunar New Year holiday.
The market currently expects the Federal Reserve to cut interest rates by 25 basis points three times this year, according to CME Group’s FedWatch tool.
