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Gold prices retreated by approximately 1% on Thursday, ending a three-day upward streak as investors locked in profits, with spot gold settling at $2,893.63 an ounce and U.S. gold futures sliding to $2,900.70. Despite this correction, gold has performed impressively in 2024, gaining over 10% since January and reaching an all-time high of $2,956.15 on February 24.
According to Lukman Otunuga, senior research analyst at FXTM, the current profit-taking comes as traders position themselves ahead of Friday’s crucial non-farm payrolls report, which could provide significant clues about the Federal Reserve’s interest rate decisions.
