8 July 2024
Gold prices dropped over 1% on Monday due to increased risk appetite in the equity markets and profit-taking by investors following a sharp rally. Spot gold fell to $2,357.88 per ounce, while U.S. gold futures settled at $2,363.50. The decline comes after gold reached its highest level since May 22 on Friday, driven by expectations of potential interest rate cuts by the U.S. Federal Reserve in September. Bob Haberkorn, a senior market strategist at RJO Futures, attributed the drop to profit-taking and strong performance in equities, which hit record highs. Despite the current dip, Haberkorn anticipates higher gold prices based on predictions of further Fed rate cuts later in the year.