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Tuesday, February 18, 2025

Reshaping Perspectives and Catalyzing Diplomatic Evolution

Dollar strength keeps an ounce of gold below $2,000

US President Joe Biden and Republican House Speaker Kevin McCarthy are close to reaching an agreement to avoid an imminent default, and economic concerns prompted Biden to cut short a trip to Asia this week.

Bullion fell below the $2,000 level on Tuesday after U.S. retail sales data and hawkish comments from Federal Reserve officials raised expectations of a delay in interest rate cuts. interest.

Meanwhile, the dollar, a rival safe haven, maintained its strength during the day, making gold less attractive to overseas buyers. Higher interest rates also reduce the attractiveness of non-performing bullion.

CME Group’s Videowatch service says markets are 82.1% expecting the US central bank to keep interest rates unchanged in June.

price movement

Gold prices rose 0.1% in spot trades to hit $1991.35 an ounce at 0455 GMT.

U.S. gold futures were little changed, hitting $1995.20 an ounce.

As for other precious metals, spot silver rose 0.1% to $23.76 an ounce, after hitting a six-week low in the previous session.

Platinum also rose 0.6% to $1,063.71 and palladium 0.3% to $1,505.93 an ounce.

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Arab Desk
Arab Desk
The Eastern Herald’s Arab Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

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