Gold has retreated after hitting record highs, as traders grow cautious amid signals of an upcoming interest rate cut from the U.S. Federal Reserve (Fed) and a stronger dollar, SİA reports, citing foreign media.
According to Bloomberg, gold has fallen by roughly $60 per troy ounce, or 31 grams, now trading at $3,646.1 - around $117.60 per gram.
The retreat comes despite gold’s impressive 38 percent gain this year, driven by expectations that the Fed will ease monetary policy twice more and reduce key interest rates. Geopolitical tensions and U.S. President Donald Trump’s tariffs have also fueled demand for the safe-haven asset.
Meanwhile, prices for silver, platinum, and palladium have risen.
Analysts at Goldman Sachs Group Inc. noted that investor caution over Trump’s interventions in central bank affairs may keep movements in check, but they added that if investors shift even a small portion of their holdings from Treasuries to gold, the metal could rise toward $5,000 per ounce.
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