Gold Falls Slightly After Record High, But Market Still "Addicted" to Safe-Haven
Gold prices weakened slightly in recent trading, after surging the previous day and setting a new record high. This weakening is considered a reasonable technical correction, as some market participants began to lock in profits after the strong rally.
However, gold's downside is not expected to be significant. The reason is simple: geopolitical risks remain high, and situations like this usually cause investors to turn to gold as a safe haven during times of market uncertainty.
The latest highlight comes from Greenland. Denmark sent additional troops to the region on Monday, just as US President Donald Trump reportedly told Norway that he no longer needed to think "solely about peace" after not winning the Nobel Peace Prize. These statements and maneuvers have made tensions even more unpredictable.
According to IG Chief Market Analyst Chris Beauchamp, the recent market reaction pattern has become increasingly clear: whenever there is turmoil, the response is to "buy gold and silver." This means that every new headline has the potential to immediately boost demand for precious metals. In the market, spot gold edged down 0.1% to $4,666.28/ounce, while spot silver weakened 0.4% to $93.96/ounce. Market participants are now waiting to see whether this decline is just a brief respite—or the beginning of a deeper correction, depending on how heated the next chapter of the geopolitical drama becomes. (az)
Source: Newsmaker.id
