New York: SiltaNews – News Desk
Gold extended its losses on Friday after stronger-than-expected US economic data reduced expectations of near-term Federal Reserve rate cuts, while easing geopolitical tensions shrunk demand for safe-haven bullion. Spot gold eased 0.2% to $4,604.29 per ounce by 0733 GMT. However, the metal is poised for a weekly gain of about 2% after scaling a record peak of $4,642.72 on Wednesday.
US gold futures for February delivery edged 0.3% lower to $4,608.90. Additionally, spot silver shed 1.8% to $90.66 per ounce, although it was headed for a weekly gain of over 13% after hitting an all-time high of $93.57 in the previous session. Spot platinum dropped 2.1% to $2,358.95 per ounce, while palladium lost 2.9 percent to $1,748.50 per ounce, after hitting a more than one-week low earlier.