Gold Falls, Dollar Strengthens: Precious Metals Market Update
Business & Finance News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Gold prices remained steady at $2,030 per ounce on Friday, but the metal is on track for its worst month since September, with a 2% drop overall. The US dollars strength and rising Treasury yields, driven by robust economic data, have put downward pressure on gold. Market participants are reducing bets on Federal Reserve rate cuts, with Governor Christopher Waller emphasizing no need for haste due to inflation remaining under control. This has made non-yielding gold less attractive. Experts attribute the drop to dollar strength and waning cut expectations, with some, like Citi, predicting further declines before the March meeting, followed by a rebound as easing takes effect. Silver dipped to $22.44 per ounce, while platinum and palladium saw slight increases, keeping the precious metals market mixed and vigilant.
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