Gold prices are falling and the dollar’s decline limits losses

Gold prices are falling and the dollar’s decline limits losses
Gold prices are falling and the dollar’s decline limits losses
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Gold prices fell today, as investors await US economic data this week that may affect the policy of the Federal Reserve (US Central Bank) in the future, but the decline in the dollar limited the losses of the yellow metal. The spot gold price fell 0.2 percent to $1922.58 an ounce. Gold had jumped to its highest level since April 2022 on Friday. US gold futures also fell 0.2 percent to $1,924.10. The dollar index fell 0.3 percent, which makes gold priced in US dollars attractive to holders of other currencies. “Gold is still at a strong level, despite its retreat from last week’s peaks, and it may gain more momentum with the end of the central bank meetings scheduled for next week,” said Michael Hewson, chief market analyst at CMC Markets. Investors are awaiting the US fourth-quarter GDP growth report on Thursday and US personal spending data on Friday ahead of the Federal Reserve meeting scheduled for January 31st and February 1st. As for other precious metals, the spot silver price fell 0.9 percent to $23.73 an ounce, platinum fell 0.2 percent to $1041.75, and palladium rose 0.3 percent to $1731.57.

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