(MENAFN) Today, Thursday, saw a decline in gold prices as investors opted to cash in on recent gains observed in the precious metal. The downward trend was further exacerbated by pressure from investment institutions seeking to bolster liquidity. Attention has shifted towards scrutinizing data concerning the US economy, with investors keen to decipher clues regarding the Federal Reserve's stance on interest rates.
In early trading, gold experienced a dip of 0.1 percent in instantaneous transactions, settling at USD2,313.44 per ounce by 0443 GMT. This marks the fourth consecutive session of decline for the yellow metal. Similarly, US gold futures prices also recorded a decline of 0.3 percent, reaching USD2,326.10 per ounce.
Edward Meir, an analyst at Marks, attributed the decline in gold prices to a wave of profit-taking following a series of gains, coupled with a decrease in geopolitical tension in the Middle East. This combination of factors contributed to a general downturn in prices.
Since reaching a record high of USD2,431.29 on April 12, the price of gold has retreated by over USD100. Notably, the precious metal has experienced a three percent decrease in value so far this week.
Market participants are closely monitoring the upcoming meeting of the interest rate setting committee of the Federal Reserve, scheduled for April 30 and May 1. The outcomes of this meeting are expected to provide insights into the future trajectory of interest rates, influencing investment decisions in the gold market and beyond.
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