Gold prices fell on Monday after solid gains in the previous session, but the safe-haven metal held firm above key $1,900 per ounce level as escalating conflict in the Middle East kept investors on edge, reports Reuters.
Spot gold was down 0.7 per cent to $1,917.59 per ounce by 10:49 a.m. ET (1448 GMT), after hitting its highest since Sept. 20 in the previous session. US gold futures was down 0.6 per cent to $1,930.30.
"We're just seeing some healthy consolidation from the recent gains ...just some normal profit taking by the short-term futures traders," said Jim Wyckoff, senior analyst at Kitco Metals.
"We've got a serious geopolitical situation playing out in the Middle East, I think gold prices are going to track sideways to higher here in the next few weeks with $2,000 not out of the equation."
Platinum was up 0.8 per cent to $887.86 and palladium 0.5 per cent lower at $1,142.29.
Gold slips, but holds above $1,900
FE Team | Published: October 16, 2023 23:40:36
Gold slips, but holds above $1,900
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