Gold price dropped by 12 percent in two days

The price of gold in the global market has significantly declined over the past few months. This was reported by Zamin.uz.

After reaching a historic high, the price of gold sharply decreased, dropping by nearly 12 percent within two days, and its price per ounce fell below 5,000 dollars. This was reported by Podrobno.uz.

The decline began on Thursday, January 29. On the CME exchange, the price of April futures initially reached 5,626.8 dollars per ounce but fell to 5,126 dollars by the end of trading.

This fluctuation was recorded as the largest daily change observed since the beginning of the year. The price continued to decline on Friday, January 30.

The contract price dropped by more than 7 percent again, falling to 4,959 dollars for the first time. According to analysts from Reuters, this situation is explained by investors closing positions to secure profits after the record high.

Additionally, the strengthening of the US dollar exchange rate and uncertainties related to the Federal Reserve leadership also influenced the gold price. Tim Waterer, chief trading analyst at KCM company, emphasized that the market reviewed positions on safe assets amid expected news regarding the new nominee for the Federal Reserve leadership.

At the time of publication, the price of April futures was 5,128.5 dollars per ounce, which is 4.76 percent lower compared to the previous trading close.