Decline in precious metal prices
New York, January 16 / WAM / Gold continued its decline, today, Friday, after positive economic data reduced expectations of an imminent cut in US interest rates.
Gold fell by 04:26 GMT, in spot transactions, 0.4% to $4,598.52 per ounce.
But the precious metal is on its way to weekly gains of about 2% after recording its highest level ever at $4,642.72 on Wednesday.
US gold futures for February delivery fell 0.5% to $4,601.80.
As for other precious metals, silver fell in spot transactions by 1.8% to $90.70 per ounce, but it is heading for weekly gains of more than 13% after recording its highest level ever at $93.57 in the last session.
Platinum fell 2.8% to $2,342.14 an ounce, and palladium lost 2.3% to $1,759.07 an ounce after recording its lowest level in a week earlier.
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