Gold prices gain gleam after February’s steep losses

Gold prices ended on a positive note today, March 1, lifted by data indicating the rebound of the world’s second-largest economy and top buyer of bullion — China.

In February, China's manufacturing activity grew at the fastest pace in over a decade, according to today’s market data, underpinning the reopening of the country’s economy and the lifting of COVID-19 curbs.

The yellow metal’s price rise came as the US dollar contracted against other major currencies. This is despite the 10-year Treasury bond yield soaring above 4% for the first time since November 2022.

Last month, gold prices hit the biggest monthly decline since June 2021, as uncertainty about the continued monetary policy tightening by the Federal Reserve intensify.

At settlement today, gold for April delivery gained 0.50% to $1,845.40 an ounce.

On the other hand, the US dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.30% at 104.49 points at 9:33 pm Makkah time.