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Chinese Markets Closed, Dollar Strength Curbs Safe-Haven Demand
Gold prices remained steady in subdued trading as Chinese markets observed the Lunar New Year holiday. Meanwhile, the dollar’s resilience dampened demand for safe-haven assets amid escalating tensions in the Middle East.
Current Gold Prices and Market Activity
At 0404 GMT, gold in spot transactions held firm at $2,032.76 per ounce. Since the start of the week, the precious metal has experienced a marginal 0.3 percent decline.
US gold futures settled at $2,047.70 per ounce.
Impact of Chinese Holiday Closure
The Shanghai Futures Exchange will be closed from February 9 to 16 for the Lunar New Year holiday, leading to reduced market activity and liquidity.
Geopolitical Concerns in the Middle East
Market sentiment was overshadowed by escalating tensions in the Middle East. Israeli forces launched airstrikes in the southern border city of Rafah after rejecting a truce proposal from Hamas, intensifying fears of regional instability.
Dollar Index and Treasury Yields
The dollar index and ten-year Treasury bond yields are on track for a weekly increase, exerting pressure on gold prices.
Palladium and Platinum Performance
Palladium prices briefly dipped below platinum in spot transactions on Thursday for the first time since April 2018. However, palladium later rebounded by 0.6 percent to $892.26 per ounce, while platinum edged up to $890.09.
Silver Prices
Silver prices rose marginally by 0.2 percent to $22.63 per ounce in spot transactions.
