Gold prices retreat amid profit-taking; silver dips 4%

Gold alloys

Gold prices plummeted today, July 25, as investors turned to profit-taking after the yellow metal’s recent positive performance, ahead of the release of the preliminary reading of the US GDP for Q2 2024.

Bullion for August delivery tumbled by 1.72%, or $41.6, to $2,374.1 an ounce at 8:29 am Makkah time, with spot prices also sliding 0.98% to $2,374.14 per ounce.

Likewise, silver futures for September delivery plunged by 4.10% to $28.11 an ounce, in tandem with a 1% slip in platinum spot prices to $941.46 per ounce.

Today’s pullback in gold prices came despite the 0.10% drop in the US dollar index to 104.29 points.

The first reading of the US GDP for the second quarter of 2024 is due later in the day, with forecasts suggesting a 1.9% hike after climbing by 1.4% in the first quarter of the year, which is likely to dampen US cash-flow expectations.