Profit Taking Causes Gold to Slightly Weaken
Gold prices fell slightly at the start of the Asian session as geopolitical tensions began to ease. In the latest trading session, spot gold fell 0.2% to US$4,607.59 per ounce. This movement indicates that the impulse to buy safe assets is starting to wane.
The main news came from the United States, where President Trump was informed that a major attack on Iran would likely not overthrow the government and could instead trigger a wider conflict. Therefore, the US decided to temporarily observe how Tehran handles the demonstrations before deciding on further action.
According to Konstantinos Chrysikos of Kudotrade, this situation helped dampen demand for gold as a short-term safe asset. Investors became calmer as the risk of a major conflict now appeared to be decreasing.
Furthermore, some investors chose to lock in profits from the previous gold price increase. The Head of Customer Relationship Management said this move was one of the factors pressuring gold prices during the Asian session.
Overall, despite the slight decline in gold prices, analysts believe the precious metal remains attractive to long-term investors. The market is now monitoring further geopolitical developments before determining the direction of its next price movement. (az)
Source: Newsmaker.id
