Gold prices fall despite weaker US dollar, ahead of economic data release

Gold prices dropped today, April 21, despite the weakening US dollar, amid the latest geopolitical developments and ahead of the release of inflation data in the US.

The G7 finance ministers pledged together with the international community additional support to Ukraine exceeding $24 billion for 2022 and beyond, expressing their readiness to do more if necessary.

In addition, Chinese President Xi Jinping reiterated his criticism of western sanctions, including those against Russia, stressing his opposition to unilateral sanctions and “long-arm jurisdiction.”

Gold futures contracts for June delivery fell by 0.41% to reach $1947,60 per ounce at 12.10 pm Makkah time. Spot gold also dipped by 0.67% to $1,944.68 an ounce.

Elsewhere, silver futures for July delivery slumped by 0.95% to reach $25.12 per ounce.

Spot price for platinum delivery fell 1.23% to $977.92 an ounce, while palladium gained 0.95% to reach $2,478.23 per ounce.

The main dollar index, which measures the performance of the greenback against a basket of six currencies, slipped 0.46% to 99.933 points.

Later today, the US will release jobless claims data from last week amid expectations of a decline of 177,000.