Gold prices fell on Wednesday as investors took profits after briefly hitting a more than one-week high earlier in the session, while a stronger dollar weighed on sentiment in the precious metals market ahead of key U.S. jobs data this week.
Spot gold fell 0.51% to $4,471.92 per ounce at the time of writing. The yellow metal had hit a record high of $4,550 on December 26 last year.
U.S. gold futures for February delivery fell 0.47% to $4,460.50.
Interest Rate Expectations and the Dollar
It was noted that prices are not being affected “much fundamentally, there is a lot of speculation… price movement has been mostly upward, but it is showing volatility.”
It was added that the U.S. dollar is also playing a role in the price decline.
The dollar held steady near its highest level in over two weeks, making dollar-denominated assets more expensive for holders of other currencies.
Investors expect at least two interest rate cuts from the Federal Reserve this year, while awaiting U.S. non-farm payrolls data next Friday for further clues.
Market direction is being set by the Labor Department’s Job Openings and Labor Turnover Survey data and private payrolls data released on Wednesday.
On Tuesday, it was stated that sharp cuts to U.S. interest rates are necessary to keep the economy growing.
Non-yielding assets tend to perform well in low interest rate environments and during periods of geopolitical or economic instability.
On the geopolitical front, Venezuela and the United States reached a deal to export up to $2 billion worth of Venezuelan crude oil to the United States, a move that would divert supplies from China following the U.S. seizure of former President Nicolas Maduro.
Spot silver fell 1.84% to $79.75 per ounce.
Precious Metals Performance
Other precious metals performed as follows:
Spot silver fell 1.8% to $79.75 per ounce, retreating from its all-time high of $83.62 set on December 29 last year.
Spot platinum fell 4.9% to $2,322.15 per ounce, retreating from its record high of $2,478.50 set last Monday.
Palladium fell 3.68% to $1,757.97 per ounce.
Pro Aurum gold house
Pro Aurum is a German company specializing in the trading of precious metals, particularly gold, and is not a historical or cultural site in the traditional sense. Founded in 1977, it operates as a dealer and storage provider for physical gold, silver, and other bullion products. Its history is tied to the modern financial market for tangible assets rather than to a specific architectural or ancient cultural landmark.
Munich
Munich is the capital of Bavaria, founded in 1158 and historically a major center for trade, art, and politics. It is globally renowned for its annual Oktoberfest celebration and its rich cultural heritage, exemplified by landmarks like the Marienplatz and the Nymphenburg Palace.
Germany
Germany is a country in Central Europe with a complex history, having been a collection of states for centuries before unifying in 1871. It was a central power in both World Wars, leading to its division after 1945 and eventual peaceful reunification in 1990. Today, it is known for its influential cultural contributions in philosophy, music, and science, and serves as a leading economic and political force within the European Union.
Argor-Heraeus
Argor-Heraeus is a Swiss-based precious metals refining and trading company, historically known for producing high-quality gold bars and coins. It was formed in 1951 in Mendrisio, Switzerland, and has played a significant role in the global gold market, including the production of the widely recognized “Good Delivery” bars.
Mendrisio
Mendrisio is a town in southern Switzerland known for its historic center and traditional religious processions, particularly the elaborate Holy Week celebrations. Its history dates back to Roman times, and it later grew as a market town under the influence of nearby Milan. Today, it is also recognized as the home of the Academy of Architecture, part of the Università della Svizzera italiana.
Switzerland
Switzerland is a landlocked country in Central Europe known for its long history of neutrality, which was formally established by the Congress of Vienna in 1815. It is a federal republic comprised of 26 cantons and is globally recognized for its political stability, direct democracy, and its iconic Alpine landscapes.
United States
The United States is a federal republic founded in 1776 after declaring independence from Great Britain, establishing itself through a revolutionary war and the adoption of a constitution in 1787. Its history is marked by westward expansion, industrial growth, and its emergence as a global superpower in the 20th century. The nation is defined by its diverse cultural heritage, democratic institutions, and significant economic and political influence worldwide.
Venezuela
Venezuela is a South American country with a rich history, originally inhabited by indigenous peoples before becoming a Spanish colony in the 16th century. It gained independence in 1821 under Simón Bolívar and later grew into a major oil-producing nation. Its cultural sites include the UNESCO-listed Coro and its port, a well-preserved example of colonial architecture, and the dramatic tabletop mountains of Canaima National Park.
China
China is one of the world’s oldest continuous civilizations, with a recorded history spanning over four millennia. It is home to numerous UNESCO World Heritage sites, such as the Great Wall and the Forbidden City, which reflect its long imperial past and profound cultural achievements.
American Eagle US one dollar coin
The American Eagle one-dollar coin is a bullion coin first issued by the United States Mint in 1986, containing one troy ounce of pure gold. It was authorized by the Gold Bullion Coin Act of 1985 and features iconic designs by Augustus Saint-Gaudens, originally created for the $20 gold piece minted from 1907 to 1933.
South African Krugerrand
The South African Krugerrand is a gold bullion coin first minted in 1967 by the South African Mint. It was created to market South African gold on the global market and became the world’s first modern gold bullion coin, popularizing private gold ownership.
Australian Kangaroo
The Australian kangaroo is a marsupial native to Australia and New Guinea, not a built cultural site. It has a significant history in Indigenous Australian culture, featuring prominently in Dreamtime stories and as a traditional food source, and was later incorporated into the national coat of arms in 1908.
Weiner Philharmonika
The Wiener Philharmoniker (Vienna Philharmonic) is a world-renowned orchestra founded in 1842, known for its distinctive sound and New Year’s Concert tradition. It originated from musicians of the former Imperial Court Opera and has maintained a strong connection to Viennese musical heritage, premiering works by composers like Brahms and Bruckner.
Scottsdale Reserve Lion
Scottsdale Reserve is a nature conservation area in Australia, not specifically known for a “Lion” as a cultural site. The name may refer to a local landmark or feature within the reserve, which is part of the Australian Government’s National Reserve System and was established to protect endangered box-gum grassy woodland. Its history involves restoration efforts to return the agricultural land to a natural state for native species.
Sunshine Minting flying Eagle
The Sunshine Minting Flying Eagle is a modern silver bullion round produced by the private mint Sunshine Minting, featuring a design inspired by the historic Flying Eagle cent coin first issued by the U.S. Mint in 1856. These rounds are valued primarily for their precious metal content and are not legal tender, but they pay homage to a classic American coinage design.
