Gold prices are falling: reasons for the decline in value
16 January 13:11
Gold prices continue to fall on January 16. This is due to stronger-than-expected US economic indicators and the easing of protests in Iran.
This was reported by "Komersant Ukrainian" with reference to Reuters.
Gold prices and what influences them
The spot price of gold fell 0.3% to $4,603 per ounce.
At the same time, analysts expect the metal to rise by about 2% during the week after hitting a record high of $4,642 on Wednesday.
“The gold market has lost momentum in recent days… economic news from the US is now supporting the dollar more than gold,” one analyst explained.
The US dollar hovered near a six-week high after data showed a decline in jobless claims to 198,000, below the forecast of 215,000.
A stronger dollar makes gold more expensive for foreign buyers, and the easing of protests in Iran has reduced demand for the “safe-haven metal.”
Demand for gold in India remained low this week due to high prices, while in China it was stable ahead of the Lunar New Year.
Prices for other precious metals
- Silver also lost value, with the spot price falling 1.1% to $91.33 per ounce, although it is expected to rise more than 14% for the week after hitting a historic high of $93.57.
- Platinum fell 2.7% to $2,345 per ounce.
- Palladium lost 2.6% to $1,755 after hitting a low in more than a week.
