Gold prices end higher for 1st time in 3 sessions

Gold prices inched up at settlement today, Feb. 6, as the US dollar and bond yields declined as markets tracked more statements by Federal Reserve policymakers to anticipate the possible path of US monetary policy.

Bullion for April delivery climbed by 0.40%, or $8.50, at $2,051.40 per ounce, after touching $2,038.80 in early trading.

The US dollar index, which gauges the greenback's strength against a basket of six currencies, plunged by 0.20% to 104.22 points at 09:39 pm Makkah time.

“If the economy evolves as expected, I think we will gain that confidence later this year, and then we can begin moving rates down,” Federal Reserve Bank of Cleveland President Loretta Mester said in prepared remarks at an event in Columbus earlier today.

The CME FedWatch Tool showed that traders are pricing in a 56.9% chance that the Fed will reduce interest rates during the forthcoming policy meeting in May. They had expected a 36.9% possibility one month ago for a 25-basis-point cut.