Gold prices slightly down from 1-week high

21/12/2022 Argaam

Gold prices rally as US dollar retreats

Gold prices retreated from a one-week high today, Dec. 21, after rising more than 1% in the previous session, amid a marginal hike in the US dollar.

 

Gold futures for February delivery shed 0.11% to $1,823.4 an ounce at 12:54 pm Makkah time, with spot prices also down 0.23% to $1,813.68 per ounce. Likewise, silver futures for March delivery declined 0.66% to $24.11 an ounce.

 

Further, the spot price of platinum contracted by 1.43% to $997.61 per ounce, in tandem with a 1.75% drop in the spot price of palladium to reach $1,701.87 an ounce.

 

The National Health Commission (NHC) said China — the world’s largest gold consumer — reported zero new COVID-related deaths on Dec. 20.

 

On the same day, Swiss customs data showed that the pace of Swiss gold shipments to Asia and the Middle East slowed in November on soaring prices.

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