PT Equityworld – Gold prices edged higher in weekend trade early Saturday (28/01), after the stock markets and US Treasury yields turned lower, but the precious metal was on track for its first weekly decline this year as traders cashed in on this week’s rally to a two-month high ,
LLG Spot gold prices rose 0.13 percent higher at $ 1,190.06 per ounce, while US gold futures for February delivery was down 0.03 percent at $ 1,189.40 per ounce, as the dollar edged up.
The US dollar rose 0.2 percent against a basket of currencies until, depending on the positive territory despite data showing US economic growth slowed more than expected in the fourth quarter.
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This makes gold slipped from Tuesday’s high of $ 1,219.59 per ounce and put it on track to end a four-week winning streak with a 1.6 percent weekly decline.
The US Federal Reserve is scheduled to release a statement on Wednesday after a two-day meeting.
Analysts have lowered expectations for the price of gold this year after a weak fourth quarter performance of metal, with the prospect of further interest rate hikes from the US Federal Reserve weighed on sentiment.
Demand for gold in India rose this week, driven by falling prices abroad, although some consumers are waiting in the hope that the import duty will be deducted from the government budget next week.
Meanwhile, silver prices rose by 1.69 per cent at $ 17.135 per ounce, while platinum rose 0.42 percent to $ 985.80.
Palladium rose 2.43 percent to $ 738.50, having earlier hit its lowest since January 4 at $ 708.97. The autocatalyst metal is on track for a fall of 5.8 percent this week, the poorest weekly performance since October.