Gold prices still down, hold above $1,900

Gold prices slid from their highest levels in nine months at the settlement of trading today, Jan. 17, pressured by a stronger US dollar as markets turned attention to the prospects for near-term economic activity.

The safe-haven metal's appeal was dimmed by the rise in US Treasury yields, which for the 10-year bond climbed to 3.529%.

Data from the Federal Reserve Bank of New York showed that the Empire State Manufacturing Index tumbled to -32.9 in January — the lowest since May 2020.

Investors are awaiting the release of US retail sales, Producer Price Index (PPI) and industrial production data tomorrow, Jan. 18.

In terms of trading, gold for February delivery contracted by 0.6%, or $11.80, to $1,909.90 an ounce.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.2% to 102.408 points at 9:49 pm Makkah time.