Gold prices slipped from May peak on profit-taking
Istanbul, July 8 (Hibya) - Gold prices surged on Monday, marking a significant increase after bullion hit a more than one-month high in the previous session on rising bets of U.S. interest rate cuts in September. According to analysts, this rise could substantially impact investors' portfolios.
Spot gold fell 0.8 percent at $2,371.70 per ounce after rising to its highest level since May 22 on Friday. U.S. gold futures eased 0.7 percent to $2,379.90. Data on Friday showed that the unemployment rate hit a 2-1/2-year high of 4.1 percent, pointing to a softer U.S. labour market.
Gold has outperformed all other asset classes in the current calendar year, maintaining its physical allure and generating substantial returns. This performance should instil a sense of optimism and confidence in investors. At the start of 2024, the price of spot gold was $2,062 per ounce, while it is now valued at $2,391 per ounce, marking a 16 percent rise. In mid-April, it reached a new peak of $2,450 per ounce.
Geopolitical tensions, including wars in the Middle East and Ukraine, have significantly bolstered gold's appeal as an investment. This underlines the crucial role of global events in shaping market trends, providing investors with a broader context for understanding gold prices and making them feel more informed and knowledgeable.
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