The strength of the dollar drops gold prices for the second week in a row

2024-01-27 08:03:45

Gold prices recorded a decline for the second week in a row due to the strength of the US economy, which kept the dollar near its highest levels in several weeks.

Price movements

During the past week, gold prices recorded a decline of 0.54 percent, reaching the level of $2018.25 per ounce.

Kelvin Wong, chief market analyst for the Asia-Pacific region at OANDA, said that the US economy is still showing flexibility, which limits gold’s strength.

Official data showed that the US economy grew faster than expected in the fourth quarter, with inflationary pressures declining amid strong consumer spending.

The dollar index rose 0.14 percent last week, moving near the highest level in six weeks, making the precious metal less attractive to holders of other currencies.

Silver recorded a weekly increase of 0.80 percent in spot transactions, reaching the level of $22.8020 per ounce.

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