Shafaq News/ Gold prices showed resilience at the close of the weekend's trading, maintaining stability after a week marked by gains. The precious metal's performance was influenced by a declining dollar and Treasury bond yields, fueled by growing sentiments that the Federal Reserve has completed its tightening monetary policy.
In spot trading, gold prices stabilized at $1,980.13, capping a week with a notable 2.3% increase, reaching the highest level in two weeks. Concurrently, U.S. gold futures experienced a marginal dip of 0.1%, settling at $1,984.70 per ounce.
This week's data reinforced the prevailing belief that the Federal Reserve has likely concluded its interest rate hikes. Anticipation is now building for a potential interest rate cut as early as May next year, particularly in light of data indicating a slowdown in inflation.
The spotlight extended beyond gold, with silver experiencing a minor dip of 0.1% in spot transactions, closing at $23.72 per ounce. In contrast, platinum saw a 0.4% rise, reaching $895.95, contributing to a weekly gain of 6.7% for both precious metals. Palladium also registered a positive trend, gaining 1.4% to settle at $1,052.56 per ounce.
The dynamics in precious metal prices reflect market forces and shifting expectations regarding the Federal Reserve's future policy decisions. Investors closely monitoring inflation indicators are recalibrating their positions in the wake of data suggesting a potential easing of monetary measures in the months ahead. As global economic conditions evolve, the precious metals market remains a key barometer of investor sentiment and economic outlook.