Gold prices, which rose 5.9 percent in the first quarter of the year, are in a flat course today.
Gold bullion is getting ready to end this week with a decline. ETF gold positions were the largest monthly inflows since 2016 due to inflation concerns and geopolitical risks. However, some of Wall Street’s big banks predicted that the Fed will follow a more aggressive tightening policy than forecast. This is also negative for gold.
Non-farm employment data to be announced in the USA today will be followed closely. Oanda Corp. Senior Analyst Jeffrey Halley stated that strong future data will cause an increase in bond yields and the dollar, and a downward pressure on gold , and said that “prices may decline to $ 1,800 next week”.
Spot gold was trading at $1,939.21 an ounce, up 0.1 percent in Singapore. Gold rose 5.9 percent in the first quarter of this year, its best performance since the quarter ended June 2020.
The Bloomberg Dollar Spot Index is up 0.1 percent today, after gaining 0.3 percent in the previous three sessions. Palladium, platinum and silver prices are also on the rise today.