Gold prices edged lower on Friday (12/27) as the US dollar index held steady, despite continued demand for safe-haven assets amid global geopolitical tensions.
Gold futures for February delivery fell 0.11%, or $3, to settle at $2,650.90 an ounce by 10:36 a.m. KSA time and was on track for a weekly loss of around 0.10%.
Spot gold was steady at $2,636.08 an ounce, while silver futures for March delivery were unchanged at $30,415 an ounce. Spot platinum fell 0.14% to settle at $938.48 an ounce.
The dollar index, which measures the greenback against a basket of six major currencies, was steady at 108.17 points. Trading activity has been subdued this week due to the closure of several global markets for New Year celebrations. So far in 2024, gold has risen nearly 27% on geopolitical tensions and the Federal Reserve's decision to end its monetary tightening cycle following the economic crisis caused by the pandemic.
However, the gains were capped by a stronger US dollar, which surged after Donald Trump won the US presidential election held on November 5.
Source: Bloomberg
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