Gold deepens losses to $35

Gold deepened its losses on Friday, March 11, amid the geopolitical and economic developments.

The U.S. inflation hit a fresh 40-year high at 7.9% in February, data showed on March 10.

Investors are anticipating the Federal Reserve’s meeting scheduled for next week, amid forecasts that the central bank would raise interest rate for the first time since the outbreak of coronavirus.

Russia’s President Vladimir Putin said some progress was made in talks with Ukraine, but without giving further details, Reuters reported.

Gold futures for April delivery fell 1.72%, or about $34.5, to $1,965.90 per ounce at 03:30 PM Mecca time, and gold spot prices declined by 1.57% to $1,965.69 per ounce.   

Silver futures for May delivery were down 2.1% at $25.71 per ounce.

Platinum spot prices rose by 1.65% to $1,054.32 per ounce, while palladium spot prices declined 5.77% to $2,763.39.

 The U.S. dollar index (USDX) settled at 98.469 points against a basket of six currencies.