Gold Prices Retreat After Reaching Two-Month High

Gold prices retreated slightly on Thursday after hitting a two-month high following a surprise US Treasury announcement. The move weakened the dollar and pushed Treasury yields lower, causing gold to surge by over 4% on Wednesday.

Spot gold fell 0.6% to $4,495.69 per ounce, its highest level since June 2, while US gold futures rose 0.2% to $4,553.30. This comes after the Treasury announced liquidity support for long-duration bonds.

Silver prices gained 0.2% to $67.07 per ounce, but platinum and palladium declined by 1.3% and 0.2%, respectively.