Precious Metals Face Significant Declines as Gold Prices Fall

Precious metals markets experienced significant declines as gold prices fell by 4.7%, or $215, settling at $4,317 per ounce.

Silver also faced considerable losses, dropping nearly 8% to $70.71 per ounce, while platinum saw a decline of over 14%, reaching $2,114 per ounce. Palladium fell by more than 15.5%, now priced at $1,635.10 per ounce.

These declines are attributed to widespread profit-taking following record highs in the previous week, alongside market concerns regarding future monetary policy and interest rates amid ongoing geopolitical tensions.