Gold retreats from one-week peak amid profit-taking and stronger US dollar

Gold Prices Retreat Amid Profit-Taking and Stronger Dollar

On Wednesday, gold prices declined as traders secured recent gains following a brief surge to the highest level in over a week. The precious metals market was influenced by a firmer US dollar, which dampened investor enthusiasm ahead of significant US employment data expected later this week.

As of 0330 GMT, spot gold had dropped 0.7% to $4,466.19 per ounce, after reaching an all-time high of $4,549.71 on December 26. Meanwhile, US gold futures for February delivery slipped by 0.4% to $4,477.30 per ounce.

According to the managing director of GoldSilver Central, the rapid rise in precious metals prices earlier in the week prompted some investors to lock in profits, while the strengthening dollar added further downward pressure on gold values.