After scaling fresh record highs earlier in the week, gold prices edged marginally lower on Thursday. As of 17:42 IST, the spot price of gold (XAU/USD) stood at $3,334.42 per ounce, down $8.72 or 0.26% for the day.
The yellow metal, which has recently seen a significant rally amid ongoing global economic uncertainty, traded within a day’s range of $3,313.08 to $3,357.81. This comes just days after gold touched a new 52-week high of $3,357.81. Its 52-week low remains at $2,277.47, reflecting the sharp upside momentum the commodity has enjoyed over the past year.
The modest correction in price is being seen as a breather following a steep rally driven by fears of prolonged global trade tensions, especially after escalating tariff threats between the United States and China. Analysts also attribute some profit-booking at higher levels and a temporary strengthening of the U.S. dollar as factors behind the dip.
Market participants are now closely watching upcoming U.S. economic data and central bank commentary for fresh cues that could influence the direction of precious metals.
Disclaimer: The above information is for news and informational purposes only. Please consult your financial advisor before making any investment decisions.
