Republic Explains: Here’s why gold prices are on a dip | Republic Business
Republic Explains: Here’s why gold prices are on a dip | Republic Business
Gold prices saw a sharp decline on Tuesday, hitting their lowest levels in over two weeks. Reports suggest that easing tensions in the Middle East and investors capitalising on profits contributed to the drop. Spot gold fell nearly 1%, reaching $2,304.99 per ounce, while US gold futures dropped 1.2% to $2,318.80. The previous session witnessed a significant tumble, with gold plunging over 2%, marking its largest one-day decline in more than a year. Analysts attribute the recent downturn to reduced expectations of immediate rate cuts by the US Federal Reserve, dampening gold's appeal as an inflation hedge.
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