Gold Retreats Over 4% from All-Time Highs

QNA/APP

Singapore: Gold prices fell more than 4% in early Asian trading on Friday, pressured by market speculation over possible changes in the leadership of the US Federal Reserve.

Despite the sharp pullback, the precious metal remained on track for its strongest monthly gain since 1980, supported by sustained safe-haven demand.

Spot gold declined 3.9% to $5,183.21 per ounce, after falling as much as 5% earlier in the session. US gold futures for February delivery dropped 2.7% to $5,176.40 per ounce.

In the previous session, gold had surged to a record high of $5,594.82 amid heightened geopolitical and economic uncertainty.

Gold has gained nearly 20% so far this month, marking its sixth straight monthly increase and its biggest monthly rise since January 1980.

Among other precious metals, spot silver slid 5.7% to $109.55 per ounce after touching a record high of $121.64 in the previous session. Platinum fell 5.3% to $2,489.31 per ounce, retreating from an all-time high of $2,918.80 earlier this week, while palladium rose 5.8% to $1,890.25 per ounce.

Dollar Set for Second Weekly Decline

The US dollar was on track to register its second consecutive weekly decline on Friday, amid rising geopolitical tensions and concerns over global trade developments.

The dollar index, which tracks the greenback against a basket of major currencies, edged up 0.2% to 96.35 points, trimming its weekly losses to about 1.1%.

The euro slipped 0.2% to $1.1940, while the Japanese yen weakened 0.17% to 153.39 per dollar. Sterling fell 0.1% to $1.3791.

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Meanwhile, the Australian dollar declined 0.2% to $0.7033, and the New Zealand dollar eased 0.2% to $0.6066.

The dollar ended last week with its steepest weekly fall since April last year, reflecting mounting geopolitical uncertainty and worries over escalating global trade tensions.

Gold Retreats Over 4% from All-Time Highs

 Gold prices slipped by more than 4% in early Asian trading on Friday, retreating from record highs as investors reacted to speculation surrounding potential leadership changes at the US Federal Reserve.

Spot gold fell 3.9% to $5,183.21 per ounce after earlier sliding as much as 5%. US gold futures for February delivery declined 2.7% to $5,176.40 per ounce.

The precious metal had climbed to an all-time high of $5,594.82 in the previous session amid persistent geopolitical and economic uncertainty.

Despite the decline, gold remains on course for its strongest monthly performance since January 1980, having risen nearly 20% so far this month.

Elsewhere, spot silver dropped 5.7% to $109.55 per ounce, platinum declined 5.3% to $2,489.31 per ounce, while palladium outperformed, rising 5.8% to $1,890.25 per ounce.