(MENAFN- Baystreet) The price of gold has declined 1.60%, its biggest one-day decline since December 2023, as Middle East tensions deescalate.
The price of gold has dropped $39.50 U.S., or 1.60%, to $2,374.50 U.S. per ounce in the last 24 hours.
The percentage drop is the largest one-day decline since Dec. 4, 2023, when the price fell 2.27%.
The decline comes after gold's price hit successive all-time highs in recent weeks and rose above $2,400 U.S. per ounce for the first time.
The current slide in gold's price comes as tensions ease in the Middle East following missile strikes exchanged between Israel and Iran.
Investors also appear to be turning their attention back to equities after a selloff to start the month of April. All three major U.S. stock indices are rising to start the week on April 22.
Despite the current downturn, gold's price is still up 14% on the year and remains close to its all-time high of $2,431.55 U.S. an ounce.
MENAFN22042024000212011056ID1108123554
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.