According to a report, gold prices fell on Thursday after a sharp rise in the previous session as investors booked profits ahead of the long weekend, although gold remained above the level of $ 3,300 per ounce due to a weak dollar and rising US-China trade tensions.
Spot gold fell 0.5 percent to $ 3,326.51 per ounce as of 08:58 am (ET), while it had reached a record high of $ 3,357.40 earlier in the session. Bullion has gained about 3 percent this week.
US gold futures fell 0.2 per cent to $3,339.90, Reuters reports. “Gold may have rebounded this week from a spectacular surge and then suffer a short-term drop ahead of a rare long weekend in the markets,” said independent metals trader Tai Wong.There is a risk that a trade deal could be announced over the weekend, possibly with Japan. However, the price of gold remains bullish given the uncertainty and deep concern that continue to haunt asset markets.”Gold prices rose 3.6 per cent on Wednesday, helped by US President Donald Trump’s order to begin investigating potential tariffs on all critical mineral imports, as well as a review of pharmaceutical and chip imports.Meanwhile, Trump claimed “big progress” in tariff talks with Japan on Wednesday, one of the first rounds of face-to-face negotiations since a barrage of duties on global imports roiled markets and raised fears of a recession.
The dollar index improved on Thursday, but was still heading for a weekly decline. A weaker dollar tends to make gold less expensive for holders of other currencies. “We remain bullish on gold. However, a correction is likely in the near term as tactical players book profits or perhaps experience margin calls from another round of equity liquidations,” consultancy Metals Focus said.Elsewhere, spot silver fell 0.9 per cent to settle at $32.46 an ounce, platinum fell 1 per cent to $957.18, and palladium fell 2.3 per cent to $949.72.What is the price of silver?A1. Spot silver fell 0.9 per cent to settle at $32.46 an ounce, platinum fell 1 per cent to $957.18, and palladium fell 2.3 per cent to $949.72. How much did the price of gold rise?A2. Gold prices rose 3.6 per cent on Wednesday as US President Donald Trump ordered a review of pharmaceutical and chip imports in addition to launching an investigation into potential tariffs on all critical mineral imports.
