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Gold on track for biggest daily drop since 2020 on profit-taking, stronger dollar
Gold prices fell over 3% after hitting record highs, driven by profit-taking and a 0.4% rise in the U.S. dollar amid changing interest rate cut expectations, analysts said.
- On Tuesday, spot gold fell over 3%, with prices down 3.5% at $4,203.89 per ounce as of 09:05 a.m. after hitting a fresh high the day before.
- Investors booked profits after bullion's fresh high amid hopes for U.S. Federal Reserve rate cuts, while the dollar index rose 0.4%, making bullion more expensive for other-currency holders.
- Across the complex, Tai Wong noted `Gold dips were being bought as recently as yesterday, but the sharp jump in volatility at the highs over the past week is flashing caution and may encourage at least short-term profit-taking`, with spot silver dropping 5.2% to $49.68.
- Traders now await the U.S. consumer price index, delayed by the ongoing U.S. shutdown, due on Friday as U.S. futures trade down a touch.
- Looking beyond the sell-off, gold's year-to-date gain exceeds 60% as prices scaled an all-time peak of $4,381.21 on Monday, supported by central bank buying and hopes for Federal Reserve easing.
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18 Articles
18 Articles
Spot gold fell 0.3% to $4,113.54 per ounce, following its biggest daily drop since August 2020, as profit-taking took place...
·Amman, Jordan
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The gold price seems to have ended for the time being, but experts do not see a real turnaround.
Gold on track for biggest daily drop since 2020 on profit-taking, stronger dollar
Gold prices were on track for the steepest daily fall in five years on Tuesday, as the dollar rose and investors booked profits after expectations of U.S. interest rate cuts and sustained safe-haven demand drove the yellow metal to a fresh record high in the previous session.
·United Kingdom
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Gold's sharp drop after new all-time record confirms market nervousness
Coverage Details
Total News Sources18
Leaning Left2Leaning Right3Center3Last UpdatedBias Distribution38% Center, 37% Right
Bias Distribution
- 38% of the sources are Center, 37% of the sources lean Right
38% Center
L 25%
C 38%
R 37%
Factuality
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