Gold prices declined today, March 22, amid the rise in the US dollar. The gold prices are heading for a weekly gain as the European Central Bank maintained its forecasts for lowering the interest rates this year.
The gold spot prices edged down 0.4% to $2,172.72 per ounce at 03:19 GMT, but rose 0.8% since the beginning of the week.
Gold futures also fell 0.5% to $2,174.30 per ounce.
The dollar rose to its highest level in three weeks, heading for a second week of gains.
Silver spot prices fell 0.9% to $24.53 per ounce. Platinum spot prices also went down 0.6% to $902.15.
In addition, palladium plunged 2.2% to $988.67 per ounce.
"Impending rate cuts are generally supportive of gold prices and provide a floor for the yellow metal once the rate-cutting process comes into effect," IG market strategist Yeap Jun Rong said.
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