Gold hits fresh weekly gains as Dollar strength and geopolitics stir markets
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Gold rose on Wednesday, supported by buying after falling more than two percent in the previous session amid progress in talks between the United States and Iran. However, weak trading due to the Lunar New Year holiday in Asia put pressure on prices.
Gold rose by 0.2 percent in spot transactions to $4,886.69 per ounce by 01:10 GMT, after falling more than two percent on Tuesday, when it touched its lowest level in over a week.
United States gold futures for April delivery settled at $4,904.50, according to Reuters.
The dollar extended its gains on Wednesday as geopolitical risks kept markets on edge, with investors awaiting the minutes of the upcoming meeting of the Federal Reserve for clues about potential future interest rate cuts.
The rise in the United States currency makes the dollar-denominated precious metal more expensive for holders of other currencies.
Markets in mainland China, Hong Kong, Singapore, Taiwan, and South Korea are closed for the Lunar New Year holiday, leading to reduced trading volumes and potential volatility.
The “FedWatch” tool from CME Group currently shows that markets expect three United States interest rate cuts this year of 25 basis points each.
Gold, which does not generate a return, typically rises during periods of lower interest rates.
Meanwhile, Abbas Araghchi said Iran and the United States reached an understanding on key “guiding principles” during the second round of nuclear talks in Geneva on Tuesday, though both sides still have issues to resolve.
Also in Geneva, negotiators from Ukraine and Russia concluded the first day of United States-mediated peace talks set to last two days, amid pressure from Donald Trump on Kiev to move quickly toward reaching an agreement that would end the nearly four-year conflict.
As for other precious metals, silver in spot transactions rose 3% to $75.68 per ounce.
Platinum increased by 0.9 percent to $2,025.80 per ounce, while palladium rose 0.5 percent to $1,690.54 per ounce.
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