Dear beloved friends,
The price of gold plummeted sharply this morning, experiencing a decline of $39 to reach $2,029.6 per ounce. However, there has been a slight recovery, and it is currently trading around the $2,037 mark.
This rapid decline in gold can be attributed to profit-taking pressure after the precious metal reached an all-time record high last Friday. During the early trading session of the week, gold even touched an astonishing $2,150.
Despite the drop in gold prices, it is expected that this precious metal will still maintain levels above $2,000 per ounce in the near future. This is due to the support provided by the demand for safe-haven assets amidst concerns over political instability, a weaker US dollar, and the potential for interest rate cuts, which will help gold remain elevated.
The price of gold plummeted sharply this morning, experiencing a decline of $39 to reach $2,029.6 per ounce. However, there has been a slight recovery, and it is currently trading around the $2,037 mark.
This rapid decline in gold can be attributed to profit-taking pressure after the precious metal reached an all-time record high last Friday. During the early trading session of the week, gold even touched an astonishing $2,150.
Despite the drop in gold prices, it is expected that this precious metal will still maintain levels above $2,000 per ounce in the near future. This is due to the support provided by the demand for safe-haven assets amidst concerns over political instability, a weaker US dollar, and the potential for interest rate cuts, which will help gold remain elevated.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.