Gold prices fell more than 1% on Monday as the metal was caught in a global, wider market sell-off driven by mounting economic concerns.Spot gold fell as much as 3.2% to $2,365.55 per ounce, the biggest single-day drop since early June. US gold futures were also lower by 1.0% at $2,445.10 per ounce in New York, but maintained above the $2,400 level throughout the session.
Gold and silver exhibited significant price volatility last week, experiencing gains in the international markets. Gold prices reached a lifetime high amid hopes for Fed rate cuts and disappointing US job data. Silver followed suit, surpassing $28.50 per troy ounce. However, both precious metals were unable to sustain these highs, declining after weaker-than-expected US job reports and factory orders data, which heightened recession fears.
Bullion, commonly utilized as a safeguard against geopolitical and economic uncertainties, tends to perform well when interest rates are low. However, concerns about a potential recession have led to a decline in prices for other precious metals.
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