Gold eases for second straight session on stronger US dollar

Gold prices tumbled at settlement today, Feb. 2, amid a volatile trading pattern following monetary policy decisions from major central banks.

Earlier in the session, gold prices touched their highest level in nine months. However, the yellow metal reversed gains in late trading on an uptick in the US dollar.

The European Central Bank (ECB) and the Bank of England raised interest rates, separately, by 50 basis points (bps). This came on the heels of the US Federal Reserve's decision on a 25-bp rate hike.

Today's data revealed that initial jobless claims in the US declined by 3,000 to 183,000 in the week ended Jan. 28 — the lowest since April 2022.

In terms of trading, gold for April delivery ticked down 0.6%, or $12, to $1,930.80 an ounce.

Likewise, silver futures for March delivery jumped 2.80% to $24.27 an ounce. In addition, the spot price of platinum expanded by 0.64% at $1,014.7, and palladium prices leapt 0.45% at $1,677.02.

The US dollar index, which gauges the greenback's strength against a basket of six currencies, climbed 0.4% to 101.625 points at 9:42 pm Makkah time.