Gold falls under pressure from a profit-taking wave

Gold prices fell today, Thursday, as investors took profits after a continuous rise witnessed by the yellow metal, and with pressure from investment institutions that sought to raise liquidity, while the focus shifted to data on the US economy to discover indications of the path that the Federal Reserve will follow regarding interest rates.

According to Reuters, gold fell in spot transactions by 0.1% to $2,313.44 per ounce by 0443 GMT, in the fourth consecutive session of decline.

US gold futures prices also fell 0.3% to $2,326.10 per ounce.

“The wave of profit-taking after a series of gains in gold and a lull in tension in the Middle East led to a general decline in prices,” said Edward Meir, an analyst at Marks.

The yellow metal has fallen by more than $100 since it rose to a record high of $2,431.29 on April 12, and has fallen by three percent so far this week.

The interest rate setting committee of the Federal Reserve (US Central) is scheduled to meet on April 30 and May 1. Before that, first-quarter GDP data is expected later on Thursday and the personal consumption expenditures price index for March is expected on Friday.

As for the prices of other precious metals, silver fell in spot transactions by 0.3% to $27.09 per ounce, platinum in spot transactions fell by 0.1% to $901.60, and palladium fell by 1% to $991.