Gold Drops Below $4,000 After Gaza Ceasefire, Traders Take Profits
Gold prices fell below $4,000 per ounce on Friday as investors sold some of their holdings after news of a ceasefire between Israel and Hamas. The easing tension reduced the need for safe-haven buying.
In Asian markets, spot gold slipped to around $3,970, while December gold futures stayed near $3,985. Earlier this week, gold had briefly reached a record high of $4,059.
Traders are booking profits after the recent strong rally, but gold still gets support from concerns over U.S. interest rates, a strong dollar, and ongoing global uncertainties.
Experts say this drop is likely just a short pause and not a long-term fall. Gold could rise again if the Fed hints at rate cuts or if new geopolitical risks appear.
Impact:
Gold might stay under $4,000 for now but could rise again if safe-haven demand increases or global tensions return.