After a Historic Record, Gold Prices Drop by 4%
Gold Prices Drop Amid Speculation About Fed Leadership Changes
Gold experienced a decline of over 4% this Friday, fueled by speculation regarding potential changes in leadership at the U.S. Federal Reserve. This drop comes as investors continue to seek refuge in safer assets, despite gold heading towards its strongest monthly gains since 1980.
Decline After Historic Peak
Spot gold transactions fell by 3.9%, settling at $5,183.21 per ounce, having previously decreased by as much as 5% earlier in the session. Meanwhile, U.S. futures contracts for February delivery saw a 2.7% decrease, trading at $5,176.40 per ounce. In the previous session, the yellow metal had reached an all-time high of $5,594.82 per ounce.
Record Monthly Gains Despite Declines
Despite this downturn, gold has surged approximately 20% since the beginning of the month, marking its sixth consecutive increase—the highest monthly performance since January 1980.
In contrast, other precious metals experienced mixed trends:
- Silver fell by 5.7%, trading at $109.55 per ounce after hitting a record high of $121.64 during the previous session.
- Platinum decreased by 5.3%, settling at $2,489.31 per ounce, following a peak of $2,918.80 last Monday.
- In contrast, palladium rose by 5.8%, reaching $1,890.25 per ounce.
