ALBAWABA – Gold prices recorded a drop today at $2,718 per ounce as investors gained profits following the metal's recent peak. However, ongoing tensions in the Middle East limited the decline.
Gold prices decline
The spot gold prices declined 0.6% to $2,718.83 per ounce today, as investors gained profits following last week’s peak of the precious metal. However, the ongoing tensions in the Middle East are limiting the decline.
It is worth noting that Antony Blinken, United States Secretary of State, stated today that an urgent diplomatic solution needs to be done to end the ongoing conflict in Lebanon between Israel and Hezbollah.
Notably, spot gold increased 31.9% since the beginning of 2024, marking the largest rise for the precious metal since 1979. (Shutterstock)
On the other hand, Nitesh Shah, Head of Commodity and Macroeconomic Research at WisdomTree EU, noted that investors will be concerned about inflation and US economic growth.
Notably, spot gold increased 31.9% since the beginning of 2024, marking the largest rise for the precious metal since 1979, according to the London Stock Exchange Group.
Other precious metals
Spot silver fell by 1.7% to $33.13 an ounce, after reaching $34.87 earlier this week. Meanwhile, platinum decreased by 1.9% to $1,006.85, and palladium dropped by 0.8% to $1,147.98.
Additionally, spot palladium increased by 9% on Thursday after the United States its allies to impose sanctions on asked Russian palladium and titanium, as reported by Bloomberg.
