Dollar Strength Lowers Gold Prices for Two Consecutive Weeks

For the second consecutive week, gold prices have decreased due to the strength of the U.S. economy, which kept the dollar near its highest levels in several weeks. Last week, gold prices fell by 0.54%, reaching $2018.25 per ounce. Official data showed that the U.S. economy grew faster than expected in the fourth quarter, with inflationary pressures easing amidst strong consumer spending. The dollar index rose by 0.14% last week, hovering around its highest level in six weeks, making the precious metal less attractive to holders of other currencies. Silver recorded a weekly increase of 0.80% in spot transactions, reaching $22.8020 per ounce.