Gold Eases After Breaching $5,000; Qatar Prices Slip 1.2%
WAM/QNA/APP
New York/Doha: Gold prices retreated on Wednesday after briefly crossing the key $5,000 mark, as investors awaited fresh signals on US interest rates.
Spot gold surged 2.6 percent to touch $5,003.85 per ounce by 16:36 GMT before easing to $4,980 at the time of publication. US gold futures for April delivery also advanced 2.4 percent, settling at $5,024.
The US dollar showed mixed performance as market participants shifted focus to the upcoming release of minutes from the February meeting of the Federal Open Market Committee (FOMC), seeking clarity on the future direction of interest rates.
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Since the start of the year, gold has climbed more than 15 percent, supported by evolving interest rate expectations and signs of easing inflationary pressures.
Meanwhile, in Doha, gold prices declined by 1.20 percent during the current week, according to data issued by Qatar National Bank (QNB).
Gold in the Qatari market fell to $4,983.44 per ounce, compared to $5,044.11 recorded last Sunday.
Other precious metals posted weekly gains. Silver rose 0.81 percent to $78.10 per ounce from $77.46 at the beginning of the week, while platinum increased 1.07 percent to $2,095.05 per ounce, up from $2,072.75 last Sunday.
Analysts said gold’s movement around the $5,000 level reflects heightened market sensitivity to monetary policy signals and currency fluctuations.
