Gold Retreats as Traders Book Profits From Rally to Fresh Record
Gold was in overbought territory for the past three sessions, as concerns over the US election, and Mideast conflict sparked a massive demand that consequently led to a new record high.
Gold price fluctuation
Gold Retreats After Hitting New Records. Investors booked profits while assessing geopolitical risks from the US election and Middle East conflicts, via Bloomberg#gold #inflation #USElection pic.twitter.com/r0BtSRWPNd
— The_Journalbiz (@the_journalbiz) October 23, 2024
Bloomberg chart
Gold retreated from an all-time high as some investors booked profits while assessing geopolitical risks from the US election and Middle East conflicts.
Bullion slipped as much as 1.5% in New York trading on Wednesday, with some traders exiting positions amid signs that the precious metal’s recent rally to successive highs may be excessive. The metal’s relative strength index has been above the overbought level of 70 for the past three sessions. A stronger dollar and rising bond yields also weighed on bullion.
Gold earlier climbed to a fresh record of $2,758.49 as geopolitical risks from the US presidential race and the Middle East boosted haven demand. Concerns are that the election in the world’s largest economy is likely to be contested and it may take some time to determine the winner. Investors also feared that conflicts between Israel and Iran may escalate into a broader war.
