Gold prices fall again in the global market

Gold prices in the international market fell slightly as investors took profits after reaching record highs. On Friday (January 23), the price reached around $5,000 per ounce at the beginning of the day, but later fell slightly.

Spot gold prices fell 0.1 percent to $4,930.44 per ounce. Earlier, it touched a record $4,967.3. Gold prices have risen about 14 percent so far this year. On the other hand, US gold futures for February delivery rose 0.4 percent to $4,932.20 per ounce.

According to analysts, although geopolitical uncertainty has eased somewhat, caution still exists in the market. FXTM Senior Research Analyst Lukman Otunuga said that in the short term, the rise in gold prices may be limited due to technical pressure and profit-taking.

Central banks' continued gold purchases and the trend of de-dollarization are supporting the long-term rise in gold prices. Global economic uncertainty is also forcing investors to turn to gold as a safe haven asset.

Meanwhile, silver and platinum also hit new records in the international market. Spot silver rose 2.4 percent to $98.47 per ounce, a 37 percent increase so far this year. Spot platinum rose 1.5 percent to $2,667.47 per ounce, while palladium fell 0.7 percent to $1,907.45.