Gold futures declined during the European session and the early US session on Friday.

Gold futures declined during the European session on Friday.

On the Comex division of the New York Mercantile Exchange, gold futures for April were trading at $2,175 per troy ounce. As of this report, they were down 0.44%.

It reached an early session low of $2,164.05 per troy ounce. Gold is likely to find support at $2,149.20 and resistance at $2,225.30.

The Dollar Index Futures, which tracks the dollar’s trend against the basket of six other major currencies, rose by 0.27% to trade at $103.95.

On the other hand, in Comex, silver for May delivery fell by 0.57% to trade at $24.86 per troy ounce, while copper for May delivery dropped by 1.24% to trade at $4.01 per pound.

So far this year, gold has accumulated an appreciation of almost 6%, although the advances have been particularly concentrated this month – rising by more than 6% in just the three weeks of March – in response to statements and movements by central banks regarding when and with what intensity interest rates will arrive.

In that regard, gold broke its historical highs for several days at the beginning of this month as it approached the $2,200 level.

Except for a recession in the United States and a shift in U.S. monetary policy in the form of interest rate cuts, ‘gold prices are on an unstable footing, with more downsides than upsides in the medium to long term; that being said, short-term price risks are biased to the upside.