After a historic summit, gold retreats as the dollar strengthens.
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Gold prices continued their downward trajectory on Monday, weighed down by the rising dollar. Investors are closely monitoring upcoming monetary policies, particularly the stance of Kevin Warsh, President Donald Trump’s nominee for the Federal Reserve chairmanship, regarding interest rate cuts.
In the spot market, the price of gold fell by 1.5% to $4,793.97 an ounce, after reaching a more than week-long low last Friday.
From a Historic High to a Correction Phase
This decline comes just days after the yellow metal hit an unprecedented peak of $5,594.82 an ounce on Thursday, driven by geopolitical concerns and turmoil in global markets.
At the same time, U.S. gold futures for February delivery rose by 1.6% to $4,818.10 an ounce, highlighting the market’s ongoing volatility.
Mixed Movements for Other Precious Metals
In the realm of other precious metals, silver gained 1.6% in the spot market, reaching $85.98 an ounce. Conversely, platinum dropped by 2%, settling at $2,120.05, after peaking at $2,918.80 on January 26.
Palladium also declined by 0.9%, to $1,682.59 an ounce, amid the dollar’s strength and shifting investor expectations regarding U.S. monetary policy.
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