Gold and Silver Decline After Record Gains Amid Strong Dollar

Today, Wednesday, gold and silver prices declined amid a profit-taking sell-off following recent gains. The strengthening of the dollar negatively impacted investor sentiment in the precious metals market.

The spot price of gold fell 0.7 percent to $4466.19 per ounce at 02:05 GMT. Gold had previously reached a record high of $4549.71 on December 26. Gold futures for February delivery decreased by 0.4 percent to $4477.30.

Regarding other precious metals, the spot price of silver dropped 1.2 percent to $80.34 per ounce after hitting its all-time high of $83.62 on December 29.

Platinum's spot price fell by 2.9 percent to $2373.0 per ounce, following its record high of $2478.50 last Monday. It had previously risen by more than five percent earlier in the session to hit a weekly high. Palladium's price decreased by 2.5 percent to $1777.22 per ounce.