WASHINGTON (dpa-AFX) - Gold prices retreated from Friday's record highs as markets digested the geopolitical developments, the strong Fed rate cut bets as well as the decline in bond yields. The price dip is also attributed to profit booking amidst the dollar's resilience.
The six-currency Dollar Index which measures the U.S. dollar's strength against a basket of currencies is currently at 98.06 versus 98.02 at the previous close. During the day, the index traded between 97.92 and 98.15.
Gold Futures for February settlement are currently trading at $4,472.40, declining 1.8 percent from the previous close of $4,552.70. Prices had touched an all-time high of $4,584 in Friday's trade.
Despite today's decline, prices represent a weekly addition of 0.10 percent, a monthly surge of 5.2 percent and a year-to-date price gain of more than 69 percent. The yellow metal has witnessed a price jump of almost 145 percent over the 3-year horizon.
Spot Gold too retreated from the all-time high of $4,550.11 recorded in Friday's trading. Spot Gold is currently trading 1.76 percent lower on an overnight basis at $4,452.92 per troy ounce.
At current prices, Gold Futures has gained more than 73 percent and Spot Gold has gained more than 72 percent over the past year.
Prices of other precious metals also oscillated heavily. Silver prices oscillated between $73.52 and $82.62 per troy ounce and are currently trading at $74.19 per troy ounce, representing an overnight decline of 3.9 percent. Platinum prices ranged between $2,267.30 and $2,584.20 per troy ounce in the day's trading and are currently trading at $2,338.00, implying overnight losses of 6.2 percent.
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