Gold prices decline after hitting record global levels.
Gold prices experienced a decline in global markets this Thursday, influenced by a reduction in geopolitical tensions in certain regions of the world, coupled with a decrease in demand for safe-haven assets and the strength of the US dollar.
Drop in Spot Gold and Futures Contracts
Spot gold fell by 0.8%, reaching $4,799.79 per ounce, following a record high of $4,887.82 in the previous session.
The US futures contracts for February delivery also dropped by 0.6%, settling at $4,806.60 per ounce.
Silver Pulls Back After Reaching Records
Silver also declined in the spot market, dropping by 0.9% to $92.38 per ounce, after hitting a record high of $95.87 last Tuesday.
Notable Losses for Platinum and Palladium
Other precious metals also saw decreases: Platinum dropped by 2.7%, reaching $2,415.60 per ounce, after an all-time high of $2,511.80 recorded on Wednesday.
Palladium decreased by 1%, settling at $1,821.50 per ounce, after reaching its peak for the week in the previous session.
Decline in Safe-Haven Demand Weighs on Prices
This fall in precious metal prices is attributed to the decrease in geopolitical concerns and the strength of the dollar, which reduces the attractiveness of gold and other metals priced in US dollars.
