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Commodities

Gold Prices Plummet on Investor Profit-Taking Ahead of Fed Meeting

Guavy AI Editorial Team
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Gold
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Gold prices have taken a hit in recent trading sessions as investors take profits amid expectations that the US Federal Reserve will keep interest rates unchanged at its upcoming September meeting.

The precious metal's value fell by 0.5% to $4,330.37 per ounce, while US gold futures for December delivery declined 0.8% to $4,386.80.

This downturn is attributed to profit-taking among investors who had previously driven up gold prices in anticipation of a potential interest rate hike from the Federal Reserve.

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