Gold prices close in red as US dollar gains ground

Gold bars

Gold prices ended in the red for the second consecutive session today, March 24, amid investor profit-taking, in tandem with the US dollar reaching its highest level in more than two weeks.

Gold futures for April delivery fell 0.2%, or $5.8, to finish at $3,015.60 per ounce.

This came as the US dollar index, which measures the greenback’s performance against a basket of six major currencies, climbed by 0.15% to 104.25 at 9:48 pm Makkah time, after touching 104.44 earlier in the session — the highest since March 5.

Atlanta Federal Reserve President Raphael Bostic expects one interest rate cut in the US this year, down from his previous forecast of two. He also predicts the Fed will not attain its 2% inflation target until early 2027.

Markets are awaiting the release of the Fed's preferred inflation gauge on Friday to estimate the outlook for future monetary policy in the US.