February 7, 2023

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Gold prices fell by $ 20 on the rise in the US currency

Gold prices fell by $ 20 on the rise in the US currency

I stepped back The price of gold In the silver trade, the rise of the US dollar eased demand for safe havens caused by the lack of progress in peace talks between Russia and Ukraine.

This comes as investors are cautiously anticipating US jobs data, which could indicate a tightening of policy.

On Thursday, gold prices closed around $ 15, with stocks and US bonds falling, reaching strong monthly and quarterly gains.

Gold prices today

At 08:45 AM GMT (11:45 AM Mecca Al-Mukarramah), the price of gold futures – for June delivery – fell about 1% to $ 1934.50 an ounce, equivalent to $ 19.5.

Was Yellow metal It had a monthly gain of 2.6%, equivalent to $ 50, and increased by 6.6% or $ 120.6 in the first quarter of this year, the largest quarterly gain since September 2020.

Spot metal fell 0.28% to $ 1,932.11 an ounce.

At the same time, the price of silver futures contracts – May delivery – fell 1.21% to $ 24.83 an ounce.

Spot Platinum was up 0.32% at $ 989.41 an ounce and Spot Palladium was up 0.64% at $ 2,282.50.

Gold market conditions

“There has been no sign of buying gold this weekend, especially with the continued appreciation of the US dollar,” said Jeffrey Haley, chief analyst at OANDA.

The U.S. dollar rose against major currencies on Friday, ahead of a major US jobs report that supports the Federal Reserve’s decision to raise interest rates to 50 basis points next month.

US job data

For his part, Stephen Innes, managing partner at SBI Asset Management, said: “If employment and earnings numbers are negative, the Federal Reserve is urging action to combat inflation.”

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“Conversely, if the jobs data are positive, it will add weight to the notion that the U.S. economy is having a more fundamental pace than the Fed’s previous assumption,” he added.

Ukrainian authorities on Friday hoped to evacuate more residents from the besieged southern port of Mariupol, after which Russia agreed to open a humanitarian corridor, but earlier agreements collapsed amid mutual accusations.

According to a technical analyst for gold, Spot Gold may test support at $ 1,924 an ounce, with a good chance of breaking below that level and falling to $ 1,898.Reuters Wang Tao.

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