Gold prices fall amid profit-taking activity

(MENAFN) During today's trading session, gold prices witnessed a decline, shedding approximately USD7 in spot transactions as investors engaged in profit-taking maneuvers following recent gains. By 02:01 pm UAE time, the precious metal registered a decrease of 0.3 percent, equivalent to USD6.98, with its spot price settling at USD2,315.15 per ounce. Concurrently, gold contracts slated for June 2024 delivery also experienced a downturn, dropping by 0.59 percent or USD13.85, to reach USD2,328.15 per ounce.

The retreat in gold prices comes amidst a backdrop of profit-taking activities, wherein investors capitalize on previous price increases by selling their holdings to lock in gains. This phenomenon is particularly noteworthy given the recent upward trajectory in gold prices, which had prompted some market participants to adopt a cautious stance.

In addition to gold, other precious metals also faced downward pressure during today's trading session. Silver, for instance, recorded a decline of 0.77 percent, settling at USD27.15 per ounce, while platinum experienced a marginal decrease of 0.02 percent to reach USD922.65. Similarly, palladium prices dipped by 0.03 percent, with the metal trading at USD1026.53 per ounce.

The fluctuation in precious metal prices underscores the dynamic nature of commodity markets, influenced by a myriad of factors ranging from economic indicators to geopolitical developments. Against this backdrop, investors closely monitor price movements and adjust their strategies accordingly, seeking to navigate market volatility and capitalize on emerging opportunities.



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