Beirut: Gold and silver prices experienced a decline on Friday, attributed to robust U.S. economic data that diminished expectations for an imminent interest rate cut by the Federal Reserve. Additionally, a decrease in geopolitical tensions reduced the demand for safe-haven assets.
According to National News Agency - Lebanon, spot gold saw a decrease of 0.40 percent, settling at $4,601.08 an ounce by 5:27 GMT. Despite this reduction, gold was poised for a weekly gain of approximately 2 percent, having reached a record high of $4,642.72 earlier in the week on Wednesday. Concurrently, U.S. gold futures for February delivery dipped by 0.47 percent to reach $4,601.90.
Silver prices also experienced a decline, dropping by 2.09 percent to $90.48. The overall reduction in both gold and silver prices highlights the impact of positive U.S. economic indicators and the reduced likelihood of an early rate cut by the Federal Reserve.