Gold prices moved lower on Friday as investors locked in profits following a strong rally that pushed the precious metal to its highest level in more than two months during the previous session.
The recent rise in gold was supported by inflation data that strengthened expectations the U.S. Federal Reserve could leave interest rates unchanged in September. However, after reaching new highs, many traders chose to take profits, leading to a pullback in prices.
Spot gold fell 0.5% to $4,330.37 per ounce, while U.S. gold futures for December delivery dropped 0.8% to $4,386.80 per ounce.
Other precious metals also came under pressure. Silver declined 0.8% to $63.92 per ounce in spot trading.
Platinum fell 1% to $1,700.60 per ounce, while palladium slipped 0.3% to $1,303.25 per ounce.
Both platinum and palladium touched their lowest levels since August 4 as investors continued to take profits following recent gains across the precious metals market.
Despite Friday’s decline, gold remains near recent highs as markets continue to monitor economic data and the Federal Reserve’s next policy decision.
