Gold prices fell in Tuesday’s trading from the record levels reached on Friday, as markets digested geopolitical developments and expectations of U.S. interest rate cuts, in addition to profit-taking activity.
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According to Bloomberg, gold futures for February delivery declined by 1.8% to $4,472.40 per ounce, compared with $4,552.70 on Friday, while spot gold was priced at $4,452.92 per ounce.
Other precious metals experienced sharp volatility, with silver prices fluctuating between $73.52 and $82.62 per ounce, trading today at $74.19, down 3.9% from the previous session.
Oil prices also edged lower on Tuesday, after rising by more than 2% in the previous session, partly pressured by the decline in precious metals prices.
Brent crude futures for February delivery, which expire on Tuesday, fell by 21 cents to $61.73 per barrel, while the more actively traded March contract slipped by 19 cents to $61.30 per barrel.
U.S. West Texas Intermediate (WTI) crude declined by 20 cents to $57.88 per barrel.
Meanwhile, the U.S. dollar stabilized ahead of the release of the minutes of the Federal Reserve’s December meeting, which are expected to reveal divisions within the central bank over the course of monetary policy in the coming year.
The dollar index, which measures the U.S. currency against a basket of major currencies, is heading toward an annual decline of 9.6%, its worst performance in eight years, amid bets on U.S. rate cuts, concerns over the fiscal deficit, and political uncertainty. The index stood at 98.033 points in early trading. (Petra)
