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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
livemint.com / 1 year ago
Gold Prices decline: Key factors behind the drop and crucial levels to watch next week
But the positive outlook continues, with forecasts of US Federal Reserve rate cuts and persistent geopolitical tensions underpinning demand for the metal.
At 08:59 a.m. ET (1259 GMT), spot prices of gold today were at $3,034.02 an ounce, down 0.3%. US gold futures were also down a bit by 0.1% to $3,040.90 an ounce, as mentioned in a report by Reuters.
In spite of the slight pullback, gold is set for a third straight weekly gain, up 1.7% this week.
Geopolitical Uncertainty and Rate Cut Bets Drive Gold's Strength
Gold witnessed a series of record highs throughout 2025, hitting an all-time high of $3,057.21 per ounce on Thursday.
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The metal's strong performance has been driven by ongoing geopolitical tensions and the Federal Reserve's expected monetary policy changes.
Market analysts blame the recent price drop on short-term profit booking.
«Investors are booking some profits ahead of the weekend. Nevertheless, gold's safe-haven demand continues to be firm on account of ongoing trade uncertainties and geopolitical tensions,» stated Peter Grant, Zaner Metals Vice President, as quoted in the report by Reuters.
Adding to market worries, US President Donald Trump is still determined to impose new reciprocal tariff rates on April 2, further fueling economic fears.
In the meantime, increased tensions in the Middle East, with Israel ramping up its military campaign against Hamas in Gaza, continue to support gold's role as a hedge against uncertainty.
Gold's Outlook: Bullish Bias Despite Short-Term Correction
In spite of the recent pullback, analysts view any gold price retracement as a buying opportunity.
Investors are still eyeing next week's US core Personal Consumption Expenditures (PCE) Price Index, an
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