Gold Prices Slip as Traders Book Profits After Near 2-Month High

Gold prices edged lower on Monday after briefly touching a near two-month high, as traders chose to book profits amid ongoing uncertainty over global interest rates and market conditions.

Spot gold was down 0.2% at $2,323.23 per ounce as of early trading, retreating from highs seen late last week. U.S. gold futures also fell by a similar margin to $2,337.80 per ounce. The dip followed a week of gains supported by cooling U.S. inflation data and expectations of potential interest rate cuts by the Federal Reserve later this year.

Analysts noted that while the overall trend remains bullish, the current movement reflects routine profit-taking after gold’s strong rally. With markets awaiting key economic updates and the Fed’s policy stance, price consolidation is considered healthy.

Gold had climbed as much as 1.3% last Friday, marking its highest level since April 19, driven by growing hopes that the Fed may adopt a more dovish approach in the coming months. Lower interest rates typically make non-yielding assets like gold more attractive.

Meanwhile, other precious metals also showed mixed trends:

Spot silver rose 0.4% to $29.52 per ounce.

Platinum gained 0.7% to $967.20.

Palladium dipped 0.1% to $891.77.

Investors now look ahead to key economic indicators and central bank commentary that could guide the next directional move in precious metals.Israel-Iran conflict, gold prices, Federal Reserve, safe-haven asset, regional conflict