Gold Retreats After Profit-Taking and Decline in Safe-Haven Demand
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Gold prices fell on Thursday after three consecutive sessions of record highs, driven by profit-taking and a weakening demand for safe-haven assets. The market was also influenced by statements from U.S. President Donald Trump regarding the Federal Reserve.
In the spot market, gold dropped by 0.6%, settling at $4,594.66 per ounce, after reaching a historic peak of $4,642.72 in the previous session. U.S. gold futures for February delivery also decreased by 0.8%, priced at $4,599.50 per ounce.
Analysts explain that concerns regarding the independence of the Federal Reserve and confidence in U.S. assets had recently bolstered gold as a safe haven, but that support has diminished in the short term.
Investors are now turning their attention to weekly jobless claims in the U.S., due for release on Thursday, in order to assess the health of the labor market and the outlook for monetary policy.
In the market for other precious metals, silver experienced a significant decline of 5.3%, trading at $87.88 per ounce, after reaching a historic record of $93.57 earlier in the day. Platinum also fell by 4%, priced at $2,288.05 per ounce, following a record high at the end of December.
