Gold Prices Record New Decline
Gold prices fell on Thursday as the dollar strengthened, following the Federal Reserve’s quarter-point interest rate cut and signals of further monetary easing.
Spot gold dropped 0.2% to $3,653.54 per ounce after reaching a record high of $3,707.40 on Wednesday. U.S. gold futures for December delivery decreased 0.8% to $3,688.10.
So far this year, gold prices have surged 39%, building on last year’s gains of 27%, supported by expectations of reduced U.S. interest rates, ongoing geopolitical tensions, and strong purchases from central banks.
In other precious metals, spot silver fell 0.3% to $41.55 per ounce, while platinum rose 0.3% to $1,367.60. Palladium was up 0.4% at $1,158.94.
