Gold finishes down for 1st time in 5 sessions

Gold prices remained flat today, April 17, with the US dollar index and bond yields edging down on the continued demand for safe havens as investors seek to hedge against inflation and geopolitical risks.

Bullion for June delivery held steady at $2,408 an ounce at 12:50 pm Makkah time, following a slump to $2,392.60 this morning. Spot prices, meanwhile, soared 0.39% to $2,392.21 per ounce after falling by 0.27% earlier in the session.

Elsewhere, silver futures for May delivery climbed by 0.88% to $28.63 per ounce, while platinum spot prices fell 0.17% to $957.61 an ounce.

Additionally, the US dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.12% to 106.1 points, with the US ten-year bond yield also down two basis points to 4.637%.

Gold futures prices touched their highest levels ever at $2,431.29 per ounce during last Friday's trading due to the escalation of geopolitical tensions in the Middle East.

Any escalation in geopolitical tensions could potentially pave the way for prices to retest their record high levels, IG market strategist Yeap Jun Rong said, Reuters reported.