Gold prices experienced a drop from their near-record highs during Asian trading on Monday, primarily fueled by diminishing fears of an expanded conflict in the Middle East. This easing of tensions significantly weakened the safe-haven demand for the precious metal. Traders showed a strong preference for the dollar, especially with the highly anticipated 2024 presidential …
Gold prices experienced a drop from their near-record highs during Asian trading on Monday, primarily fueled by diminishing fears of an expanded conflict in the Middle East. This easing of tensions significantly weakened the safe-haven demand for the precious metal. Traders showed a strong preference for the dollar, especially with the highly anticipated 2024 presidential election just a week away.
Additionally, the dollar’s appeal was further bolstered by growing concerns over political stability in Japan, where the ruling Liberal Democratic Party unexpectedly lost its parliamentary majority in a recent election. As a result, spot gold fell by 0.7%, settling at $2,729.65 per ounce, while December gold futures saw a decrease of 0.5%, reaching $2,741.80.
Other precious metals mirrored this downward trend as the dollar strengthened. Platinum futures decreased by 0.8%, closing at $1,026.90 per ounce, and silver futures dropped by 1%, settling at $33.435 per ounce. Meanwhile, benchmark copper prices on the London Metal Exchange fell by 0.6%, with prices at $9,520.50 per tonne, while December copper futures slipped by 0.7%, marking a price of $4.3373 per pound.
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