Gold declines from its highest level in a week as the dollar stabilizes

Gold prices fell today, retreating from their highest level in a week, which they recorded in the previous session, when they rose almost 3 percent towards record levels, and other precious metals also reduced their gains, with the dollar stabilizing near its highest level in two weeks.

The price of gold in spot transactions fell 0.3 percent to $4,434.50 per ounce at 01:31 GMT.

Gold reached its highest level ever at $4,549.71 on December 26, and ended the year up 64 percent, its best annual performance since 1979.

US gold futures for February delivery fell 0.1 percent to $4,445.

The dollar index stabilized near its highest level in two weeks with the start of trading in Asia today, which made gold, priced in the US currency, more expensive for holders of other currencies, with the decline of fears in the market as a result of the US military operations in Venezuela.

Minneapolis Federal Reserve Chairman Neel Kashkari said: Inflation is declining slowly, but there is a risk that the unemployment rate will rise suddenly, which increases the possibility of an interest rate cut.

Investors currently expect at least two US interest rate cuts this year, while awaiting non-farm payrolls data scheduled to be released on Friday to obtain further indications of the monetary policy path that the US central bank may pursue.

Non-yielding assets tend to rebound at low interest rates and in times of geopolitical or economic instability.

As for other precious currencies, the price of silver in spot transactions fell 0.3 percent to $76.29 per ounce, after recording its highest level ever at $83.62 on December 29.

The price of platinum in spot transactions fell 0.1 percent to $2,269.14 per ounce, after rising to its highest level ever at $2,478.50 last Monday.

It had jumped by more than five percent earlier in the session to record its highest level in a week.

The price of palladium fell 1.6 percent to $1,680.25 per ounce.