Institutions: Gold's decline may reflect some degree of profit-taking
2024-10-23 17:42:39
U.S. gold futures fell 0.4 percent to $2,747.70 an ounce after gold hit a new record of $2772.60 an ounce in early trading. Market watchers said the decline may reflect some degree of profit-taking. SP Angel analysts said in a note that the earlier rise in gold prices was related to the continued selling of U.S. Treasuries. The BRICS summit was also in the spotlight, and ongoing de-dollarization talks will further boost gold prices. Fund managers increased their bullish positions in gold this week, with a reduction in short-only positions, SP Angel said. Gold holdings in exchange-traded funds also continued to grow, hovering around 84 million ounces, SP Angel added.
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