World gold prices were relatively stable with spot gold falling 5.3 USD to 2,023.5 USD/ounce. Gold futures were last traded at 2,029.3 USD/ounce, down 3.7 USD compared to yesterday morning. Investors are waiting for US inflation data to get more clarity on the path of the US Federal Reserve (Fed) interest rates this year.
The USD weakened, the US Dollar Index (DXY) which measures greenback fluctuations with 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF) fell 0.21%, to 102.36.
Gold suffered heavy losses over the past week as traders gradually scaled back speculation that the Fed would start cutting interest rates in March 2024. This idea has sent the dollar soaring, which has also put pressure on bullion prices.
However, the yellow metal has managed to stay above $2,000 an ounce after surpassing that level in early December. Gold prices will also rise by around 10% in 2023.
The USD weakened, the US Dollar Index (DXY) which measures greenback fluctuations with 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF) fell 0.21%, to 102.36.
Gold suffered heavy losses over the past week as traders gradually scaled back speculation that the Fed would start cutting interest rates in March 2024. This idea has sent the dollar soaring, which has also put pressure on bullion prices.
However, the yellow metal has managed to stay above $2,000 an ounce after surpassing that level in early December. Gold prices will also rise by around 10% in 2023.
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