Gold prices traded lower on Thursday after the yellow metal logged its longest winning streak since August as investors awaited U.S. economic data including the first estimate of fourth quarter GDP. Price action
Gold prices for February
GC00,
-0.23%
GCG23,
-0.23%
fell by $6.30, or 0.3%, to $1,936 per ounce on Comex after settling at the highest level for a most-active contract in nine months on Wednesday.
Silver prices for March
SI00,
+0.75%
SIH23,
+0.75%
declined by 8 cents, or 0.3%, to $23.86 per ounce.
March palladium
PAH23,
-0.32%
was flat at $1,688 per ounce, while platinum for April
PLJ23,
-0.38%
declined by $5.20, or 0.5%, to $1,040 per ounce.
Copper for March
HGH23,
+0.16%
rose by 1 cent, or 0.2%, to $4.25 per pound.
Market drivers A slight bump in the U.S. dollar was helping to weigh on prices of precious metals, market strategists said.
“US index futures had pulled back from their earlier highs, along with European indices, while the dollar had found mild support after selling off the day before. This in turn caused gold and silver to edge lower, as yields rose,” said Fawad Razaqzada, a market analyst at City Index and FOREX.com. The ICE U.S. Dollar Index
DXY,
+0.07%,
a gauge of the dollar’s strength against a basket of rivals, rose 0.1% at 101.78.
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