Gold prices decline

Gold prices fell today, amid profit-taking after reaching the highest level in about four weeks in the previous session, amid anticipation of a jobs report scheduled to be released tomorrow, Friday, in search of indications about the path that the Federal Reserve (the US central bank) will follow regarding interest rates in 2025. .

Gold fell in spot transactions 0.1 percent to $2,659.62 per ounce by 0353 GMT, while US gold futures rose 0.2 percent to $2,678.30.

“Prices are trading within a narrow range and there is some profit taking. A new catalyst is needed for gold to break through the resistance level,” said Ajay Kedia, director of Kedia Commodities in Mumbai.

Gold recorded its highest level in about four weeks in the last session after a weaker-than-expected report on private sector employment in the United States, which means that the US Central Bank may be less deliberate in reducing interest rates this year.

Gold is usually seen as a hedge against inflation, but high interest rates reduce the attractiveness of non-yielding assets.

As for other precious metals, silver settled in spot transactions at $30.12 per ounce, platinum fell 0.3 percent to $952.95, and palladium fell 0.2 percent to $926.50.