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Gold Drops

Gold Prices Decline 1% as Equities Rally

Posted on July 8, 2024
Writer: James Miller

Gold prices dropped more than 1% on Monday, reaching $2,357.88 per ounce. The drop is influenced by a surge in equities markets following a recent sharp increase in gold’s value. Gold futures also decreased by 1.5%, hitting $2,363.50. 

The increase in investor risk appetite was evident as major U.S. stock indices like Nasdaq and the S&P 500 reached record highs, diverting some attention from gold, which is typically sought after as a safe-haven asset.

Market strategist Bob Haberkorn noted the impact of equity market strength.

 “This looks like a lot of profit-taking, and the equities are strong this morning here, which kind of has a little bit of a competing factor with precious metals,” said Haberkorn. 

Despite the drop, some experts remain optimistic about gold’s prospects. They see the Fed’s upcoming rate cuts as favorable for gold prices.

For more information, read the full article on Reuters.

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