Gold Continues to Fall from Record High

Gold prices continued to decline on Wednesday amid profit-taking after their recent record rise. Investors are now eyeing U.S. inflation data this week, which might provide further insights into the path of interest rate cuts.

The spot price of gold fell by 0.3 percent to $4113.54 per ounce at 01:15 GMT. On Tuesday, gold plunged more than five percent, marking its biggest drop since August 2020.

However, U.S. gold futures for December delivery rose by 0.5 percent to $4129.80 per ounce.

As for other precious metals, the spot price of silver declined by 0.9 percent to $48.29 per ounce. Platinum decreased by 1.1 percent to $1534.44 per ounce, while palladium remained steady at $1406.76 per ounce.

Investors are closely watching these changes, as any shift in the economic landscape could affect investment strategies and market conditions.