Gold falls under pressure from a profit-taking wave

Gold prices experienced a decline on Thursday as investors opted to take profits following a sustained uptrend in the precious metal. Additionally, pressure from investment institutions seeking to raise liquidity contributed to the downward movement. Attention shifted towards data on the US economy to gauge indications of the Federal Reserve’s future interest rate decisions.

In instant transactions, gold dipped by 0.1 percent to $2,313.44 per ounce by 0443 GMT, marking the fourth consecutive session of decline. Similarly, US gold futures prices witnessed a 0.3 percent decrease to $2,326.10 per ounce.

Since reaching a record high of $2,431.29 on April 12, gold has declined by over $100 and has recorded a three percent decrease so far this week.

The Federal Reserve’s interest rate setting committee is scheduled to convene on April 30 and May 1. Before this, first-quarter GDP data is anticipated later on Thursday, followed by the personal consumption expenditures price index for March on Friday.

Regarding other precious metals, silver experienced a 0.3 percent decline in spot transactions to $27.09 per ounce, platinum dipped by 0.1 percent to $901.60, and palladium saw a one percent decrease to $991.