Gold falls 0.2% in spot trades
Gold prices declined by 0.2% in the spot market, falling to approximately $4,640 per ounce, despite earlier reaching the highest level in over three months. U.S. futures contracts remained steady at $4,696. This decline followed a rise in gold prices last week, which was driven by the U.S. Treasury's announcement of doubling bond purchases to support liquidity, raising concerns about a devaluation of the dollar amid investor anticipation of upcoming U.S. inflation data and the Federal Reserve Chairman’s speech this week. Additionally, other precious metals also experienced declines: silver dropped by 1.3% to $68.01, platinum fell by 1.2% to $1,853.85, and palladium was down about 1% to $1,345.26.
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