Gold prices record lowest settlement since mid-November 2023

Gold prices ended in the red today, Feb. 14, as investors weighed the prospects for US monetary policy as market bets shifted to expect the first interest rate cut by the Federal Reserve in June.

Bullion for April delivery fell by 0.15%, or $2.90, to finish at $2,004.30 per ounce — the lowest close since Nov. 15, 2023, when it hit $2003.60 an ounce, after touching $1,996.40 per ounce in early trading.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, decreased 0.25% to 104.72 points at 09:34 pm Makkah time.

The US government's annual revisions to producer price data showed that the index fell by 0.20% in December 2023, against a 0.10% drop as previously reported, following declines in October and November 2023 of 0.40% and 0.10%, respectively.

Markets are awaiting the release of readings on US retail sales and Producer Price Index, which are scheduled to be released on Feb. 15 and Feb. 16, respectively.