Gold Prices Plummet from Historic High

Gold prices dropped on Wednesday as investors opted to take profits after reaching a record high in the previous session. This market movement coincided with cautious comments from Jerome Powell, the U.S. Federal Reserve Chairman, regarding potential interest rate cuts.

Spot gold fell by 0.3 percent to $3753.22 per ounce at 02:24 GMT. Prior to this, it had reached an all-time high of $3790.82 on Tuesday.

U.S. gold futures for December delivery also declined, decreasing by 0.8 percent to $3785.90.

Other precious metals showed a similar trend. Silver in spot transactions decreased by 0.7 percent to $43.72 per ounce. Platinum slipped by 0.2 percent to $1475.78, and palladium edged down 0.1 percent to $1218.54.