Record $4,000, Why Is It Falling?
Gold fell slightly after breaking its all-time record above $4,000/oz. At the start of Thursday's Asian session, prices fell ±0.7% to around $4,015 after rising 1.4% the previous day. Technical indicators pointed to overbought conditions for nearly a month, triggering profit-taking after a four-day rally.
Some of its safe-haven appeal eased after US President Donald Trump called a Middle East peace deal "very close," with Israeli and Hamas officials signaling positive progress in talks in Egypt. Despite the correction, gold is still up more than 50% year-to-date thanks to global trade uncertainty, debates over the Fed's independence and US fiscal stability, and aggressive central bank buying.
At 7:29 a.m. (Singapore), spot gold was at $4,014.24, while Bloomberg Dollar Spot was virtually unchanged. Platinum and palladium also weakened after earlier rallies, although both markets remained tight and ETF fund flows supported prices. Silver also fell slightly but remained near its multi-decade peak (intraday since 1993).
Key points
Gold fell 0.7% after hitting a record high of $4,059/oz.
Overbought and profit-taking triggered the short-term correction.
Safe-haven appeal eased slightly amid hopes for peace in Gaza.
YTD >50% supported by global uncertainty and central bank buying.
USD relatively flat; platinum/palladium weakened, silver remained near its record. (az)
Source: Newsmaker.id
