Analysts: Profit-taking curbs gold price rally
2024-04-22 16:23:52
Gold's strong rally may be pulling back, SP Angel analysts said in a note. Gold futures have rallied 14% in the past three months alone, hitting a record high of $2,448.8 an ounce on April 12, but profit-taking appears to have begun. Many gold miners will now be pre-selling at the new high price level to secure profits in the face of inflation, and the influx of new gold into the futures market could dampen further gains in gold prices.
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