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Commodities

Gold Prices Plummet After Two-Month High on Profit-Taking

Guavy AI Editorial Team
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Gold prices declined by around 1 percent on August 13 as traders took profits after reaching a two-month high. The precious metal touched its highest level since June 5, following the release of US inflation data that reduced expectations of a Federal Reserve interest-rate hike next month.

Spot gold fell 1.2 percent to USD 4,354.58 per ounce, while US gold futures declined 1.1 percent to USD 4,420.40 per ounce.

Others precious metals also saw declines: spot silver dropped 1.2 percent to USD 64.51 per ounce, platinum fell 2.4 percent to USD 1,715.54, and palladium plunged 3.9 percent to USD 1,316.28.

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