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Gold slips following gains amid profit-taking
Gold prices declined following a rally that exceeded 4% in the previous session, due to fluctuations in liquidity resulting from the U.S. Treasury Department's announcement of increased repurchase operations to support the bond market, rising oil prices, and expectations of a Federal Reserve interest rate hike. The spot price of gold decreased by 0.7%, reaching approximately $4,488 per ounce, after hitting its highest level in over two months on Wednesday. Gold is typically viewed as a hedge against inflation, but rising interest rates decrease its attractiveness. Meanwhile, expectations of a U.S. interest rate hike persist, along with ongoing concerns about its impact on the price of the precious metal and its future value, which, according to two analysts, could exceed $5,000 per ounce by 2027.
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