Gold price dips from record highs as profit-taking bites; Fed in focus next week
Gold slipped over 1% on Friday as investors locked in gains following a surge to record levels, with easing geopolitical tensions undercutting demand for safe-haven assets. Spot gold dropped 0.5% to $4,592.29 an ounce by 1:39 p.m. ET, after hitting a low of $4,536.49 earlier. February U.S. gold futures closed 0.6% lower at $4,595.40. Marex analyst Edward Meir noted a broad pullback across commodities after weeks of strong gains, pointing out that reduced conflict in the Middle East had pared back some of gold’s “geopolitical premium.”