Gold drops to profit recording after pricing has reached record levels

Gold has dropped after reaching a new record level above $ 4,000 an ounce on Wednesday, after a sharp rise that made prices vulnerable to downward corrections, amid indications that the precious metal is trading at extraordinary strong levels. Bullion prices fell 0.7% on Thursday in the early Asian trading, which traded nearly $ 4.015 an ounce after closing 1.4% in the previous session. Technical indicators show that gold has been trading in the ‘overbought’ zone for about a month, suggesting that some investors have started earning profits, to a wave of rise that lasted four consecutive days. An agreement to end the Gaza War. Meanwhile, the attraction of gold has decreased as a safe haven after US President Donald Trump said that a peace agreement in the Middle East was ‘very close’. At the same time, Trump announced that Israel and Hamas reached an agreement during the ongoing negotiations in Egypt, in the first phase of an agreement to end the two -year war in Gaza. Despite the minor decline, since the beginning of the year, gold has been supported by more than 50%, supported by a combination of uncertainty around world trade, the independence of federal reserve and the stability of US public finances. Rising geopolitical tensions have also contributed to increasing the demand for safe Haven assets this year, while central banks have continued to buy the metal at high levels. Spot Gold dropped 0.7% to $ 4,014.24 per ounce at 7:29 am in Singapore after struck a new historic high of $ 4,059,31 per ounce. The Bloomberg Dollar Spot Index remained unchanged. Platinum and palladium prices also dropped on Thursday, to strong profits in the previous session. The market is still suffering from a scarcity of supply, while inflow in exchange -traded funds supported by these metals has supported prices. In terms of silver, it dropped slightly, but remained near the highest record level, according to Bloomberg’s real -time data dating from 1993.