Gold drops 0.81% to $4,308, extending losses for second consecutive session
Gold prices fell by about 0.81% to settle at $4,308 per ounce, in a second consecutive session of decline reflecting growing pressure on the yellow metal.
Gold prices fell in today's trading by about 0.81% to reach $4,308 per ounce, extending a downward trend that spanned two consecutive sessions amid mounting pressure on the yellow metal.
This decline comes in the context of a strengthening US dollar and rising real bond yields, following hawkish remarks from Federal Reserve officials that raised concerns over tight monetary policy persisting longer than expected.
Gold is now hovering near the lower edge of its recent trading range between $4,300 and $4,400 per ounce, highlighting the importance of the $4,300 level as a pivotal support that could determine the direction of movement in upcoming sessions.
Despite current price pressure, structural fundamentals remain supportive of the yellow metal, given continued central bank purchases and capital inflows into gold investment funds globally.
Weekly Newsletter
Read between the lines before everyone else. Decode the most important economic, tech, and decision-maker movements in the region.. in 5 minutes every Saturday.
