After a series of gains that extended for 9 weeks… gold recorded a new decline

Gold prices fell today, almost two percent, and are on track to end a nine-week winning streak, with investors taking profits and signs of easing trade tensions between the United States and China, which eased demand for safe havens ahead of the main US inflation report.

Gold fell in spot transactions 1.9 percent to 4047.30 Dollar per ounce by hour 1105 GMT, recording a decline 4.8 percent since the beginning of the week, which is the largest weekly percentage decline since November 2024.

US gold futures for December delivery fell 2 percent to… 4061.30 Dollar per ounce.

The precious metal rose 55 percent this year, driven by geopolitical turmoil, central bank buying and expectations of lower US interest rates. Prices in spot transactions reached a record high 4181.21 Dollar on Monday, after crossing a barrier 4000 Dollar per ounce for the first time this month.

“The rise witnessed in the past few weeks has been very rapid, and investors are betting that trade tension between the United States and China could slow,” said Carlo Alberto De Casa, an external analyst for the Swiss Quote Banking Group.

He added, “Investors who achieved huge gains began to take profits or at least reduce their exposure to gold.”

The White House said yesterday that Trump will meet with Chinese President Xi Jinping next week as part of a tour of Asia, which allayed doubts about the meeting amid escalating trade tensions.

Traders are also awaiting the release of the latest consumer price index report in the United States, which is scheduled to be released at noon 1230 GMT, it is expected to show strong growth in consumer prices for the month of September.

Investors almost fully expect a rate cut of 25 A basis point at the Federal Reserve (US central bank) meeting next week.

The dollar index rose 0.6 percent during the week, making gold more expensive for holders of other currencies.

As for other precious metals, silver declined in spot transactions 2.2 percent to 47.83 Dollar per ounce and heading to record the worst weekly performance since March, with a decline 7.4 percent since the beginning of the week. Platinum fell 2.6 percent to 1581.30 Dollar, palladium decline 4.1 percent to 1397.50 dollar.