Gold prices end lower on firmer US dollar

Gold prices ended in the red today, March 2, following the release of several economic readings and as worries about the course of monetary policy take hold again among investors.

The pullback in the yellow metal’s prices came after a three-day winning streak, with the yield on the short-term two-year Treasury bond note accelerating to the highest level since 2006.

Today's data showed the number of Americans filing initial unemployment claims tumbled for the third straight week, as the US labor market continued its recovery from last year's recession.

Elsewhere, Boston Federal Reserve President Susan Collins said more interest rate hikes are needed to tame soaring inflation in the US.

In terms of trading, gold for April delivery slipped 0.30%, or $4.90, to $1,840.50 an ounce at settlement of today’s session.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, climbed 0.50% at 105.01 points at 9:58 pm Makkah time.