Gold Prices Ease, Hover Near $2,500 as Traders Book Profits After Record High. - Printable Version +- Indian Stocks Forum - Share Market Discussions (https://www.indianstocksforum.com) +-- Forum: ISF Discussions (https://www.indianstocksforum.com/forum-8.html) +--- Forum: Stock News (https://www.indianstocksforum.com/forum-10.html) +--- Thread: Gold Prices Ease, Hover Near $2,500 as Traders Book Profits After Record High. (/thread-556.html) |
Gold Prices Ease, Hover Near $2,500 as Traders Book Profits After Record High. - Harpreet - 21-08-2024 Gold prices dipped slightly on Monday but stayed close to the historic $2,500 mark as traders booked profits after bullion surged to a record high in the previous session. The surge was driven by expectations of a U.S. interest rate cut next month. As of 0724 GMT, spot gold was down by 0.2% at $2,503.10 per ounce, while U.S. gold futures were up by 0.2% at $2,541.50. The anticipation of an interest rate cut by the U.S. Federal Reserve in September pushed gold to an all-time high of $2,509.65 on Friday. In addition, rising geopolitical tensions and strong central bank buying have helped gold gain more than 20% this year. "Gold has been eyeing the psychological $2,500 level for several months, and now that it has been reached, we’re seeing some natural profit-taking," said Tim Waterer, chief market analyst at KCM Trade. |