Gold declines as positive US data strengthens dollar and reduces expectations for rate cuts
Gold Prices Dip as Strong US Data Lifts Dollar
Early Friday, spot gold slipped by 0.3% to $4,601.53 per ounce as of 0217 GMT. Despite this decline, gold remains on track for an approximate 2% increase over the week, following its all-time high of $4,642.72 reached on Wednesday. Meanwhile, US gold futures for February delivery dropped 0.4% to $4,605.20.
The US dollar strengthened for a third consecutive week, buoyed by Labor Department figures showing initial jobless claims for state unemployment benefits fell by 9,000 to a seasonally adjusted 198,000—lower than the 215,000 anticipated by economists surveyed by Reuters. A stronger dollar typically raises the cost of dollar-denominated metals for international buyers, putting pressure on gold prices.
Gold, which does not yield interest, often reacts to shifts in currency and economic data.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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