Gold in a week… Prices touch a historic peak and then fall with the largest daily loss

Gold recorded a new record high, approaching the barrier of $5,600 per ounce during last Thursday’s trading, driven by increased investor demand for Goldin spot transactions rose by 2.2% to $5,516.71 per ounce by 09:47 GMT, after touching a record level of $5,594.82 earlier in the session, achieving the ninth daily record high in a row, and heading to record monthly gains of about 28%.

The meteoric rise did not last long, and at the end of that day Goldin spot transactions by more than 5% to $5,109.62 per ounce, and the yellow metal lost more than $350 in spot transactions, according to what was reported by Al Arabiya channel.

And on Friday, gold fell by more than four percent today, but The precious metal, and gold fell in Spot transactions 3.9% to $5,183.21 per ounce, after falling five percent. US gold futures for February delivery fell 2.7% to $5,176.40 an ounce.

I witnessed declined sharply at the end of Friday, after a major rising wave recorded Record levels reached about $5,600 per ounce this week.

And Suddenly to below $4,800, amid a wave of profit-taking by investors who preferred to secure their gains, which led to strong selling pressure in the markets.

In spot trading, on Friday, gold contracts fell by about 11% to trade near $4,719 per ounce, which is the largest daily loss since 1983.