Gold closes in red ahead of key central bank meetings

Gold prices ticked lower at settlement today, Jan. 30, as market focus turned towards key central bank meetings to be held over the current week.

The US Federal Reserve, European Central Bank (ECB) and Bank of England are set to issue their monetary policy decisions this week. Forecasts suggest that the central banks will continue to lift interest rates to curb inflation.

Markets are also awaiting the release of data on the US monthly jobless claims on Feb. 3, in a bid to assess the strength of the labor market in the world’s largest economy.

The greenback-priced bullion had recorded gains over the past six weeks, with its prices marking the longest weekly rally since August 2020.

In terms of trading, gold for April delivery ended today’s session down 0.3%, or $6.40, at $1,939.20 an ounce.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, surged 0.2% to 102.180 points at 10:01 pm Makkah time.