Gold prices stable as the dollar pulled back

24 Apr 2023 , 09:39 AM

On Monday, gold remains stable in the early trade as the dollar retreats. However, the bullion’s appeal was limited after the U.S. business activity data backed hike in interest rate by 25-basis-point in Federal Reserve at its May meeting.

The dollar index was down by 0.1% makes gold affordable for buyers holding other currencies.

Spot gold held its ground at $1,983.68 per ounce, as of 0107 GMT, after slipping 1% on Friday. U.S. gold futures edged 0.2% higher at $1,993.30.

On Friday, gold prices were pressured by surveys that showed the U.S. and euro zone business activity gathered pace in April, despite signaled that they are nearing the peak of their interest rate-hiking cycles by central banks which is designed to cool demand enough among consumers to bring high inflation down.

Spot silver edged up 0.2% to $25.08 per ounce, while platinum dropped 1.7% to $1,105.55 and palladium shed 1% to $1,586.79.