Gold prices recorded a decline in the global market on Friday as investors booked profits following a recent rally. According to reports, spot gold fell by 0.5% to $4,326.75 per ounce.
US gold futures for December dropped nearly 1% to $4,382.50 per ounce. Gold had risen for seven straight days and hit its highest level since June 5 on Thursday, before slipping 1.3% later. Other precious metals also saw a dip. Spot silver was down 0.4% at $64.17 per ounce, platinum fell 0.3% to $1,711.84 per ounce, while palladium held steady at $1,306.98 per ounce.
Market analysts said that after the recent surge, some investors are taking profits, and there is currently no major trigger for a further immediate rise in gold prices. Softer US inflation data also weighed on the market. US producer prices showed no increase in July, while consumer prices recorded only a modest rise.
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