Gold Takes a Hit as US Dollar and Treasury Yields Climb

On Thursday, the precious metal market witnessed a downturn with gold prices falling by 1%. This decline was primarily attributed to the strengthening of the US dollar and a rise in Treasury yields. The announcement by US President Donald Trump regarding the potential delay in implementing tariffs on Canada and Mexico until April 2 further diverted attention from gold.

Investors Await Key US Economic Reports

Market participants are now looking forward to the release of crucial US economic data, including the GDP figures, which are expected to provide insights into the health of the world's largest economy. These reports are scheduled to be unveiled before the stock markets open today, adding to the anticipation among investors.

Market Movements in Precious Metals

At 3:16 am ET, gold was trading at $2,887.53 per ounce, marking a 1% decrease. Shortly after, silver prices also saw a slight dip of 0.27%, trading at $31.72 per ounce. On the brighter side, platinum and palladium experienced modest gains, with platinum adding 0.16% to sell at $979.64 per ounce and palladium increasing by 0.18% to $920.13 per ounce at 3:17 am ET.