Gold prices declined early Thursday following a three-day winning streak as strength in the U.S. dollar weighed on the yellow metal. Price action
Gold futures for April delivery
GC00,
-0.50%
GCJ23,
-0.50%
fell by $6.30, or 0.3%, to $1,838 per ounce on Comex after rising for three straight sessions through Wednesday. Prices marked a monthly decline of 5.6% for February, the largest monthly loss for a most-active contract since June 2021, according to FactSet data.
Silver futures for May delivery
SI00,
-1.33%
SIK23,
-1.33%
fell by 23 cents, or 1.1%, to $20.88 per ounce.
Palladium futures for June
PAM23,
-1.36%
declined by $15, or 1.1%, to $1,422 per ounce, while platinum futures for April
PLJ23,
-0.78%
fell by $3.70, or 0.4%, to $958 per ounce.
Copper for May delivery
HGK23,
-2.66%
fell by 9 cents, or 2.2%, to $4.07 per pound.
Market drivers After finding support from a combination of strong Chinese economic data and a brief pullback in the U.S. dollar, gold prices are under pressure once again on Thursday
“Gold is snared in a U.S. dollar-driven regime but continues to find dip buyers as a hedge against a re-inflation of geopolitical risk premium,” said Stephen Innes, managing partner at SPI Asset Management. The ICE U.S. Dollar Index
DXY,
+0.63%,
a measure of the greenback’s strength against a basket of rivals, gained 0.4% to 104.95.
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