Editor’s Note
Trading activity in global markets was notably subdued on Thursday, with many major exchanges closed for traditional holidays. This lull extended to the precious metals sector, where price movements remained muted. The following analysis examines the key drivers and price action in this quiet session.
On the 17th (local time), trading in global major markets was thin due to closures for traditional holidays, leading to subdued activity in the precious metals market.
Against the backdrop of expectations for a potential cooling in the Federal Reserve’s interest rate hikes, gold encountered resistance at the key psychological level of $5,000 per ounce. Profit-taking by some investors added to the downward pressure on precious metal prices.
According to a report from Caixin News Agency, on February 17, gold and silver prices plummeted. Spot gold fell below $4,900, declining over 2% for the day. Spot silver dropped nearly 5%, breaking below $73.
