With geopolitical tensions easing and supported by economic data suggesting the possibility of higher interest rates in the United States for some time, the yellow metal has retreated approximately $150 from its peak of 2430.
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In recent weeks, amidst geopolitical tensions, gold often sought as a safe haven, continued its upward trend despite the strengthening of the dollar.
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At the start of the Asian session this week, selling pressure emerged in the yellow metal, although it did not breach the 2330 support level by the 4-hour close.
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Yesterday, alongside the lowest growth data reported in the United States since the first half of 2022, the higher-than-expected core personal consumption expenditure fueled stagflation concerns.
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Gold was steady as the market awaited US economic data, and the geopolitical situation remained calm.
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China's enigmatic gold buyers have taken center stage in the global gold market, as their strategic purchases at key price levels have significantly impacted the precious metal's trajectory.
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Following the realization of priced-in geopolitical risks, the yellow metal has initiated a short-term corrective move.
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The price of gold extended its significant decline from the previous day, registering its largest daily drop since December 2023.
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The temporary easing of geopolitical risks in the Middle East brought about profit-taking in the yellow metal.
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