Gold Prices Decline Under Pressure from Strong Dollar

SadaNews Economy - Gold prices fell today, Friday, under pressure from adjustments to a commodities index, anticipation of U.S. jobs data, as well as a rising dollar, which increased pressure on prices in the short term.

Spot gold price decreased by 0.4% to reach $4,464.57 an ounce, despite being on track to achieve a weekly gain of 3%, after the precious metal had recorded a record level of $4,549.71 on December 26, according to CNBC.

In contrast, U.S. gold futures for February delivery rose by 0.2% to $4,467.60.

Spot silver price dropped by 0.5% to $76.48 an ounce after hitting its highest level at $83.62 on December 29, with expected weekly gains exceeding 5%. Platinum recorded a decrease of 1.8% to $2,227.11 an ounce after reaching its highest level at $2,478.50 last week, while palladium remained stable at $1,786.18 an ounce, with expected weekly gains for both metals.