(MENAFN) Today, Thursday, gold prices saw a decline as investors seized the opportunity to lock in profits following a sustained upward trend in the value of the yellow metal. Additionally, pressure from investment institutions aiming to bolster liquidity contributed to the downward momentum. The spotlight shifted towards forthcoming data on the US economy, with analysts keen to discern clues about the Federal Reserve's future interest rate policies.
In early trading, gold experienced a marginal 0.1 percent decrease to USD2,313.44 per ounce by 0443 GMT, marking the fourth consecutive session of decline. Similarly, US gold futures prices dipped by 0.3 percent to USD2,326.10 per ounce.
Analyst Edward Meir from Marks highlighted that a wave of profit-taking ensued after a string of advances in gold prices, coupled with a subsiding of tensions in the Middle East. This sentiment contributed to a general downturn in gold prices. Since reaching a peak of USD2,431.29 on April 12, the precious metal has retreated by over USD100 and has experienced a three percent decline throughout the week.
Attention now turns to the upcoming meeting of the Federal Reserve's interest rate setting committee scheduled for April 30 and May 1. Preceding this, market participants await the release of first quarter GDP data later today, Thursday, as well as the personal consumption expenditures price index for March tomorrow, Friday.
In tandem with the decline in gold, other precious metals also experienced downward pressure. Silver prices decreased by 0.3 percent in spot transactions to USD27.09 per ounce, while platinum saw a 0.1 percent decline to USD901.60. Furthermore, palladium fell by one percent to USD991, reflecting broader market sentiment amidst the prevailing economic dynamics.
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