21-08-2024, 11:57 AM
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.
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.
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