Gold prices fall on profit taking

Gold prices fell by almost two per cent on Monday due to profit-taking following a five-day rally. The news of fund manager Scott Bessent being named as the next US Treasury secretary also impacted the market.

Spot gold prices dropped at 7:15 GMT by 1.65 per cent to $2,667.88 per ounce, compared to the weekend’s closing price of $2,712.55. Meanwhile, US gold futures fell 1.56 per cent to $2,694.45, compared to Friday’s closing of $2,737.2.

Attribution: Amwal Al Ghad English, Reuters

Subediting: M. S. Salama