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

Gold prices fell by around 1% on August 13 as traders locked in profits after reaching a two-month high. The precious metal had touched its highest level since June 5 following the release of US inflation data, which reduced expectations of a Federal Reserve interest-rate hike next month.

The spot price of gold dropped to $4,354.58 per ounce, down from an earlier high of $4,449.39. This represents a decline of about 1.2% from the previous day's closing price.

US gold futures also fell by around 1.1%, reaching a price of $4,420.40 per ounce. Other precious metals, including silver, platinum, and palladium, followed suit with declines of 1.2%, 2.4%, and 3.9% respectively.