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According to Bloomberg, this represents the steepest drop in the precious metal over the past four years. Just a day prior, on September 20, gold reached a new record high, hitting $4,381.6 per ounce.
The decrease subsequently shrank to 4%, with gold priced approximately at $4,181. Futures for December delivery on the Chicago Mercantile Exchange decreased by 4.14% to $4,179.10.
According to Bloomberg, gold prices have surged quickly lately, and technical signals suggest it is overbought. Additionally, the rising value of the US dollar is negatively impacting the precious metal, causing gold priced in US dollars to become pricier for the majority of buyers because of currency exchange rates.
Moreover, the appeal for safe-haven assets such as gold has declined as US and Chinese leaders Donald Trump and Xi Jinping are set to meet next week in South Korea to address trade conflicts, and the seasonal purchasing spree in India has concluded, Bloomberg reports.
source: bloomberg.com
The decrease subsequently shrank to 4%, with gold priced approximately at $4,181. Futures for December delivery on the Chicago Mercantile Exchange decreased by 4.14% to $4,179.10.
According to Bloomberg, gold prices have surged quickly lately, and technical signals suggest it is overbought. Additionally, the rising value of the US dollar is negatively impacting the precious metal, causing gold priced in US dollars to become pricier for the majority of buyers because of currency exchange rates.
Moreover, the appeal for safe-haven assets such as gold has declined as US and Chinese leaders Donald Trump and Xi Jinping are set to meet next week in South Korea to address trade conflicts, and the seasonal purchasing spree in India has concluded, Bloomberg reports.
source: bloomberg.com
