Gold Prices Plummet Globally

Gold prices declined today, Friday, and are set for a weekly drop due to the overall strength of the dollar and the potential slowdown in interest rate cuts in the United States.

Spot gold fell by 0.8 percent to $3333.99 per ounce by 0604 GMT. It has decreased by 2.5 percent since the beginning of the week. U.S. gold futures contracts dropped by 1.4 percent to $3361.80 per ounce.

As for other precious metals, silver fell in spot transactions by 2.1 percent to $35.61 per ounce, while palladium decreased by 0.8 percent to $1042.04, and platinum dropped by 1.9 percent to $1282.72, although it is on track to record a weekly rise for the third consecutive week.