Gold prices fall from 2-week high

Gold prices fell today, Feb. 8, from the highest level in two weeks, with the rise of the US dollar and the geopolitical tensions between Russia and Ukraine.

Markets are also awaiting the release of the monthly inflation report in the United States for January later this week, amid expectations of a rise of 7.3%.

Gold futures contracts for April delivery fell by 0.23% to reach $1,817.70 per ounce at 10:50am Makkah time.

Spot price for the yellow metal fell by 0.15% to reach $1,817.77 per ounce, after hitting the highest level since Jan. 26, 2022.

Elsewhere, silver futures for March delivery fell 1.15% to reach $22.81 an ounce. Spot price for platinum delivery decreased 1.24% to reach $1,011.78, while palladium declined 2.21% to reach $2,216.98 per ounce.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, rose 0.29% to reach 95.675 points.