Gold prices edged lower on Thursday as the U.S. dollar gained strength, making the precious metal more expensive for holders of other currencies. Spot gold fell 0.2% to $1,312.56 per ounce.

Factors Influencing Gold Prices

• Dollar Strength: A stronger dollar typically puts downward pressure on gold prices.
• Interest Rates: Expectations of rising interest rates can also weigh on gold, as it offers no yield.
• Geopolitical Tensions: Uncertainty in global affairs can sometimes boost gold’s safe-haven appeal, but this effect was limited today.

Analyst Commentary

Analysts noted that gold’s price movement was largely driven by currency fluctuations. They also pointed out that upcoming economic data releases could provide further clues about the Federal Reserve’s monetary policy path, influencing both the dollar and gold.

Other Precious Metals

Among other precious metals, silver fell 0.5% to $16.42 per ounce. Platinum was down 0.3% at $912.10 per ounce, while palladium rose 0.1% to $987.50 per ounce.