Gold and silver decline under pressure from the dollar and continued inflation fears
Gold prices closed slightly lower on Wednesday, as the dollar index rose, and the release of a report US inflation for February was in line with expectations, putting pressure on the prices of the precious metal.
And The price of gold at the close of trading on Wednesday increased by 0.3% at $5,176 per ounce, compared to the opening at $5,191, while gold futures settled at $5,184.
And in the white metal, the price of silver fell by 3% to $85.57, compared to opening at $88.38, before touching the $90 level earlier in the session.
And in precious metals On the other hand, the price of platinum decreased by 0.5% to $2189.35, and the price of palladium decreased by 1.3% to $1633.30.
On the other hand, the The US dollar rose to 99.25 against a basket of major currencies, making dollar-denominated bullion more expensive for holders of other currencies.
Peter Grant, vice president and chief metals strategist at the company, said "Zaner Metals": "The gold market appears to be in a tug of war between war-driven safe haven demand and concerns about higher interest rates for a longer period"
In a separate context, data showed that the inflation index in the United States rose by 0.3% in February, in line with expectations and higher than the increase recorded in January, which amounted to 0.2%. The index also rose by 2.4% during the year ending in February, which is also in line with expectations.
Analysts at the Bank noted "Standard Chartered" They noted that it is not uncommon for gold to be subjected to downward pressure for several weeks in light of the need for liquidity.
They added: "We maintain our positive long-term outlook, and expect gold to resume its upward path after passing the profit-taking stage in the near term.".
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