Gold prices experienced a decline, falling to $4,921.62 per ounce for spot gold and $4,942.41 for April futures, extending losses from the previous session.
This dip occurred despite ongoing U.S.-Iran nuclear talks in Geneva, which typically could drive safe-haven demand. However, precious metals saw little such demand, attributed to investor caution following a significant price drop in late January and a mild increase in the dollar.
The market's focus is also shifting towards upcoming U.S. economic data, including inflation figures and Federal Reserve minutes, which are expected to provide further cues on interest rate policy. The nomination of Kevin Warsh as Fed Chairman was previously seen as a less dovish pick, contributing to market uncertainty.
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