Reported 11 months ago
Gold prices remained stable on Monday following a substantial decline in the previous session triggered by China's central bank halting gold purchases and positive U.S. job data affecting expectations of an interest rate cut. Spot gold stood at $2,296.17 per ounce, while U.S. gold futures dropped 0.5% to $2,313.30. The recent drop of 3.5% marked the largest one-day decline since November 2020, impacted by a strong U.S. job report and China's pause in gold acquisitions after 18 months of continuous buying. Analysts noted potential damage to the medium-term bullish trend, with expectations of a reduction in Federal Reserve rate cuts. Silver prices rose by 1.4%, platinum by 1%, and palladium increased by 0.2%.
Source: YAHOO