Gold prices fall again in the global market

Gold prices rose to their highest level in two months after the release of US inflation data. However, gold prices fell more than 1 percent in the global market on Thursday. This decline was mainly due to profit-taking by investors. As the inflation data was in line with expectations, the fear of the US Federal Reserve (Fed) raising interest rates next month has also reduced significantly.

Spot gold prices fell 1.2 percent to $4,354.58 per ounce at 12:58 am EDT on Friday (August 13). Earlier, the price of gold had risen to $4,449.39 per ounce at the beginning of trading, which is the highest since June 5. On the other hand, the price of US gold futures market also fell 1.1 percent to $4,420.40 per ounce.

In this regard, Bob Haberkorn, senior market strategist at market analyst firm StoneX, said, "The $4,500 level is a major resistance point for gold. We have touched this level twice and the price of gold has fallen again from there. Currently, traders are getting a little worried whenever it gets close to $4,500.

On the other hand, according to SEC filings, the Bank of Korea had an investment of $250 million in US-listed gold ETFs as of the end of June.

Along with gold, other metals prices also fell in the global market. Spot silver prices fell 1.2% to $64.51 per ounce. It was traded down 2.4% to $1,715.54 per ounce. It fell 3.9% to $1,316.28 per ounce.

Source: Reuters