Equity Rally and Profit-Taking Lead to 1% Drop in Gold Prices Gold prices dropped over 1% on Monday due to increased risk appetite in the equity markets and profit-taking by investors following a sharp rally. Spot gold fell to $2,357.88 per ounce, while U.S. gold futures settled at $2,363.50. The decline comes after gold reached its highest level since May 22 on Friday, driven by expectations of potential interest rate cuts by the U.S. Federal Reserve in September. Bob Haberkorn, a senior market strategist at RJO Futures, attributed the drop to profit-taking and strong performance in equities, which hit record highs. Despite the current dip, Haberkorn anticipates higher gold prices based on predictions of further Fed rate cuts later in the year. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Chinese Gold Appetite Wanes as Prices Soar and Economy Slows READ MORE Gold Retreats from Recent Highs with Upcoming U.S. Inflation Reports in Focus READ MORE Jobs Report Shakes Up Fed Rate Cut Expectations, Bolsters Dollar READ MORE Decoding the Drivers Behind Bullion's Sudden Ascent READ MORE Powell's Pivot: Fed Likely to Adopt Tougher Stance as Inflation Climbs READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment