Gold Prices Retreat After Reaching Two-Month High
Global gold prices retreated on Thursday after reaching a two-month high following the release of US inflation data. Spot gold had risen to $4,449.39 an ounce, its highest level since June 5, but later fell by 1.2% to $4,354.58 an ounce.
The decline in gold prices was attributed to investors locking in profits after the sharp rise in bullion. The latest US inflation data came largely in line with market expectations, easing concerns that the Federal Reserve could raise interest rates at its next meeting.
According to Bob Haberkorn, senior market strategist at StoneX, $4,500 an ounce remains a major resistance level for gold. He noted that the price had approached this threshold twice before retreating, making traders increasingly cautious whenever gold moves close to it.