Gold lost its luster for second consecutive week

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KUWAIT CITY, Jan 26: Gold prices are on a downward trend for the second consecutive week, influenced by the robust performance of the US economy, which has maintained the dollar close to its recent highs. Investors are eagerly awaiting key inflation data set to be released later today.

Kelvin Wong, Chief Market Analyst for the Asia-Pacific region at OANDA, noted that the ongoing resilience of the US economy is restraining the strength of gold. Official data indicates that the US economy surpassed growth expectations in the fourth quarter, with a decrease in inflationary pressures attributed to strong consumer spending.

The dollar index recorded a 0.2 percent increase over the week, remaining close to a six-week high. This situation renders the precious metal less appealing to holders of other currencies.

All eyes are currently on the Federal Reserve’s preferred gauge of inflation, the Personal Consumption Expenditures Index, scheduled to be disclosed at 1330 GMT.

Price Fluctuations:

  • Gold experienced minimal changes in spot transactions, maintaining at $2021.28 per ounce by 0415 GMT.
  • US gold futures witnessed a 0.2 percent increase to $2,021.20. However, they have incurred a 0.4 percent loss for the week.
  • In other precious metals, silver saw a 0.2 percent decline in spot transactions, reaching $22.87 per ounce.
  • Platinum settled at $891.90, while palladium recorded a 0.5 percent decrease, closing at $935.89 per ounce.

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