Gold slid below a crucial level this Friday in European trading as the dollar surged, capping a week of losses after a late 2023 recovery. Investor profit-taking and uncertainties regarding the Fed's interest rate plans slowed gold's upward momentum.
Spot gold fell 0.3% to $2,037.79 per ounce, while gold futures dropped 0.3% to $2,044.25 per ounce at 05:09 ET, marking a weekly decline between 0.8% to 1%.
Speculation about an imminent interest rate cut in March 2024 has faded, contributing to the dollar's climb by over 1% for the week, its strongest performance since July 2023.
Analysts at ING still hold the view that the first rate cut might come in May, and the recent dollar surge has impacted gold. The ongoing influence of Fed uncertainties continues to shape gold's weekly performance amid market fluctuations.
Spot gold fell 0.3% to $2,037.79 per ounce, while gold futures dropped 0.3% to $2,044.25 per ounce at 05:09 ET, marking a weekly decline between 0.8% to 1%.
Speculation about an imminent interest rate cut in March 2024 has faded, contributing to the dollar's climb by over 1% for the week, its strongest performance since July 2023.
Analysts at ING still hold the view that the first rate cut might come in May, and the recent dollar surge has impacted gold. The ongoing influence of Fed uncertainties continues to shape gold's weekly performance amid market fluctuations.
