According to a Reuters report, spot gold fell 1.2% to $4,354.58 per ounce. Earlier, the price had climbed to $4,449.39, the highest since June 5. US futures also fell 1.1% to settle at $4,420.40.
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Gold prices fall again on global market after US inflation data
Analysts said the $4,500 per ounce level is a major resistance. Bob Haberkorn of StoneX said gold prices have fallen twice after approaching this level, which is raising concerns among traders.
Meanwhile, the Bank of Korea has reportedly invested about $250 million in US gold ETFs. Prices of other precious metals also fell—silver dropped 1.2%, platinum 2.4%, and palladium 3.9%.
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According to analysts, interest rates, inflation, and profit-taking trends will determine the future direction of gold prices.