The fastest decline in years…a sharp decline in gold prices exceeding 5%

Gold prices

The last declines that exceeded 5% for the yellow metal, which usually constitutes a safe haven for investors, date back to the first months of the Covid pandemic in 2020.

In the aftermath, silver, another reserve asset, declined. by 6.82% to record $48.8670 per ounce.

Gold price

The president said "National Gold Office" Laurent Schwartz to AFP "The price of gold is currently witnessing profit taking after the recent rises"

Gold fell to its lowest level during the session by 6.3%, reaching $4,082.03, the highest percentage of decline since April 2013, when its prices fell due to an unexpected slowdown in Chinese growth at the time, according to Bloomberg.

Gold decline

The analyst said in "City Index" Fouad Razaqzadeh to AFP "The decline was inevitable" By action "A combination of several factors" At the beginning of the week.

In this context, he talked about "Hopes for an extension of the trade truce between the United States and China, a recovery in the US dollar, and a generally positive trend on risk."

Record level

This decline represents a rapid reversal of the trend recorded in recent weeks during which gold reached successive record prices.

Gold reached a new record level on Monday, amounting to $4,381.52 per ounce, an increase of approximately 67% since the beginning of the year, and its pace has accelerated over the past two months.

The possibility of the US Federal Reserve reducing interest rates also contributed to raising the price of gold in recent months.