Image Source: HDFC Sky
Spot gold prices continued their downward slide on Monday, falling 5% to $4,302.59 per ounce in late trade. The drop marked one of the steepest single-day declines in recent sessions, as stronger U.S. dollar movements and investor risk-taking pressured safe-haven assets ahead of year-end portfolio adjustments.
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Spot gold prices extended their decline on Monday evening, slipping about 5% to $4,302.59 per ounce as the precious metal faced heavy selling pressure. Traders attributed the move to profit-taking following a strong year for bullion and a shift toward risk assets amid signs of resilient U.S. economic data.
Market analysts noted that gold’s recent volatility has also been amplified by fluctuations in the dollar index and treasury yields. The metal, often seen as a store of value during uncertainty, has recently come under pressure as equity markets showed renewed strength.
Key Market Points
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Spot gold down 5% at $4,302.59/oz in late evening trade
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Investors rebalanced portfolios ahead of year-end closes
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Dollar index firmness weighed on bullion prices
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Market focus turning to upcoming U.S. economic releases and policy cues from the Federal Reserve
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Gold remains significantly higher year-to-date despite the latest correction
Source: Reuters
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