Gold prices retreated from a three-week peak on Tuesday, pressured by a surging US dollar despite lingering uncertainty over US trade tariffs and ongoing geopolitical tensions.
Market performance
Spot gold dropped 1.5 percent to US$5,150.38 per ounce, while US gold futures for April delivery fell 1.1 percent to $5,170.70.
The decline coincided with a rise in the greenback, making gold more expensive for holders of other currencies.
This comes as investors closely monitor upcoming US labor market data and anticipate three 25-basis-point interest rate cuts over the course of the year.
The downward trend extended across the precious metals sector:
Silver slumped 3.1 percent to $85.50. Platinum shed 2.9 percent to reach $2,092.31. Palladium slipped 2.1 percent to $1,706.50 per ounce.
Rise and fall
A member of the Gold Division of the Egyptian Chambers of Commerce Sameh Abdel-Hakim, explained earlier in February that gold has, for over 40 years, experienced strong upward surges upon reaching record levels, followed by profit-taking and an increase in supply on global exchanges, before temporarily declining and then rising again, surpassing its previous highs.
He explained that the average price of gold in 2020 was around LE700 per gram, while it stood at approximately LE 6,700 on February 16, reflecting an almost tenfold increase in just six years.
Abdel-Hakim noted that any movement in the global price of gold, even a $10 increase per ounce, is directly reflected in prices in the Egyptian market.
Gold retreats from a three-week high as a strengthening dollar weighs on precious metals Egypt Independent.
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