Gold Prices Slide Further After Ending Long Rally
As of 0700 GMT, gold was trading at approximately $4,535.8 per ounce, down around 6.7% from Friday, following an 11% drop in the previous session. Over the past year, gold had risen roughly 66%, a slowdown from the 90% increase recorded last week before the recent sell-off.
Silver prices also fell sharply, dropping about 11.7% to $74.8 per ounce. Its 12-month gain now stands at 139%, down from a 255.6% increase seen last week.
Market analysts linked the declines to recent US economic developments. The Federal Reserve’s decision to maintain interest rates at current levels on Wednesday helped the US dollar recover from multi-year lows, although it was still close to a second consecutive weekly decline.
Additionally, US President Donald Trump’s announcement on Friday of former Federal Reserve governor Kevin Warsh as his nominee for the next Fed chair eased uncertainty in financial markets, contributing to the downward pressure on precious metal prices.
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