Gold prices stabilize as US dollar index tumbles

Gold bars

Gold prices held ground today, Feb. 24, with the US dollar declining as investors await the release of key economic data from Europe and the US throughout this week.

April gold futures remained flat at $2,952.90 per ounce at 10:36 am Makkah time. Meanwhile, spot prices soared 0.21% to $2,942.12 an ounce.

Elsewhere, March silver futures held steady at $32.99 per ounce, while platinum spot prices inched up by 0.19% to $974.82 an ounce.

This came as the US dollar index, which gauges the greenback’s strength against a basket of six major currencies, plunged by 0.20% to 106.40 points, after nearing 108 points on Feb. 12.

Investors are awaiting the release of data on the US core personal consumption expenditures price index, the Federal Reserve’s preferred inflation measure, due next Friday. Expectations suggest a 0.3% monthly rise in January after a 0.2% increase in December 2024.

The annual reading of Europe’s consumer price inflation is scheduled to be released today, with estimates claiming that it will stabilize at 2.5% in January.