Gold Prices Bounce Back Due To Profit-Taking
(MENAFN- The Peninsula)
QNA
London: Gold prices have plummeted, driven by profit-taking after last week's gains, as investors closely anticipate the release of a series of critical US economic indicators this week, including the December non-farm payrolls report.
Market participants are meticulously scrutinizing these data points for any indications of the US federal Reserve's forthcoming policy stance on interest rates.
In addition, gold prices in the spot market bounced back by 0.5 percent to USD 2,627.36 per ounce, with US gold futures dropping 0.6 percent to USD 2,639.40 per ounce.
Silver remained unchanged in the spot market at USD 29.64 per ounce, and Platinum declined by 0.6 percent to USD 932.59 per ounce, while palladium fell by 1 percent to USD 912.75 per ounce.
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