WASHINGTON (dpa-AFX) - Gold prices declined on Thursday amidst easing geopolitical tensions and expectations of positive results in the talks between the U.S. and Iran scheduled to be held in Oman on Friday.
The dollar's strength ahead of the job market update from the U.S. also weighed on the prices of precious metals. The six-currency Dollar Index which measures the U.S. dollar's strength against a basket of currencies is currently at 97.82, rising 0.18 percent from 97.64 at the previous close. During the day, the index traded between 97.63 and 97.92 amidst a fresh bout of risk aversion in the market.
Initial jobless claims data from the U.S. is expected to show a level of 212 thousand during the week ended January 31 versus 209,000 in the previous week.
Gold Futures for April settlement are currently trading at $4,860.17, slipping 1.83 percent from the previous close of $4,950.80. While the day's trading ranged between $4,809.56 and $5,045, the 52-week trading ranged between $2,855 and $5,626.80. Gold Futures had touched an all-time high of $5,626.80 on January 29.
The day's price movements have resulted in a weekly loss of 9.2 percent, a monthly gain of 8.1 percent and a year-to-date price gain of 10.8 percent. The yellow metal has witnessed a price jump of close to 160 percent over the 3-year horizon.
Spot Gold is currently trading 2.5 percent lower on an overnight basis at $4,839.22 per troy ounce. While the day's trading ranged between $4,790.01 and $5,023.81, the 52-week trading ranged between $2,832.63 and $5,595.46. Spot Gold had touched an all-time high of $5,595.46 on January 29.
At current prices, both Gold Futures and Spot Gold have gained around 68 percent over the past year.
Prices of other precious metals also recorded heavy losses. Silver futures for March settlement declined almost 10 percent whereas Platinum Futures for April settlement recorded an overnight dip of 5.6 percent.
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