Abu dhabi: Gold prices experienced a downturn on Friday, with values slipping to approximately $4,590 per troy ounce at the time of publication. The decline was attributed to easing geopolitical tensions and a renewed strength in the US dollar.
According to Emirates News Agency, by 15:48 GMT, spot gold had decreased by 1% to $4,567.89 per ounce. Despite this drop, gold was still poised for a second consecutive weekly gain, having reached an unprecedented high of $4,642.72 on Wednesday. February delivery US gold futures also saw a decline, falling 1.1% to $4,570.90 an ounce.
In the realm of other precious metals, spot silver decreased by 4.5% to $88.14 per ounce. Nevertheless, silver was on track for weekly gains exceeding 10%, following its all-time high of $93.57 in the previous session. Spot platinum experienced a 4.7% decline to $2,296.75 an ounce, but was still positioned for weekly gains. Palladium’s price also fell by 3.1% to $1,744.95 an ounce.
Meanwhile, in the stock market, chipmakers regained pro
minence during a turbulent week, leading to higher openings for the S and P 500 and Nasdaq. The Dow Jones Industrial Average saw a rise of 24.3 points, or 0.05%, reaching 49,466.7 at the opening. The S and P 500 increased by 16.1 points, or 0.23%, to 6,960.54, and the Nasdaq Composite climbed by 109.7 points, or 0.47%, to 23,639.687.
