Gold prices fell over 1 per cent to their lowest level in more than a week on Thursday, as the US dollar firmed, while investors awaited a key inflation print that could offer clues on the Federal Reserve's monetary policy, reports Reuters.
Spot gold was down 1 per cent at $2,889.13 an ounce by 1127 GMT, its lowest since February 17. Prices hit a record peak of $2,956.15 on Monday, driven by safe-haven flows. US gold futures lost nearly 1 per cent to $2,901.50.
The dollar index rose 0.2 per cent to move further from the recent 11-week lows, making greenback-priced bullion more expensive for other currency holders.
US President Donald Trump raised hopes for another month-long pause on steep new tariffs on imports from Mexico and Canada, saying they could take effect on April 2, and floated a 25 per cent "reciprocal" tariff on European cars and other goods.
Markets expect the Fed to deliver at least two rate cuts this year, with about 55 basis points of easing priced in for 2025.
Spot silver retreated 0.1 per cent to $31.81 an ounce, platinum added 0.8 per cent to $973.65 and palladium eased 0.1 per cent to $923.44.
Gold falls more than 1pc as dollar firms
FE Team | Published: February 27, 2025 22:19:47
Gold falls more than 1pc as dollar firms
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