Gold prices saw a decline in European trading on Thursday, marking the first decrease in eight days from record highs as profit-taking activity intensified.
Gold achieved a historic milestone by surpassing $2300 for the first time ever, buoyed by dovish remarks from Fed Chair Jerome Powell, which increased the likelihood of a US interest rate cut in June.
Investors are now eagerly awaiting crucial US data later in the day along with statements from several Fed officials to assess the future trajectory of monetary policies.
Prices
Gold reached an all-time high of $2304 per ounce before retracing by 0.4% to $2291.
Wednesday witnessed a 0.9% increase in gold prices, marking the seventh consecutive gain as both the dollar and US treasury yields experienced a downturn.
The uptrend was further supported by robust demand from investment funds globally.
Powell
Regarding Powell's comments, he mentioned during his speech at Stanford University that most members of the Federal Open Market Committee view initiating interest rate cuts at some point this year as appropriate.
Powell emphasized that recent inflation and employment data haven't altered the monetary policy outlook.
He indicated that if the economy progresses as expected, commencing interest rate cuts within this year would be fitting.
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