Gold prices surged on Wednesday but eased on Thursday as investors booked profits ahead of the long weekend. The spot gold price fell 0.5% to $3,326.51 an ounce, despite being above the $3,300 per ounce level.
The softer dollar and escalating U.S.-China trade tensions kept bullion firm, with gains of nearly 3% this week. Investors are awaiting a rare long weekend in markets, which may bring news on a potential trade deal between the US and Japan.
On Wednesday, gold prices rose 3.6% after President Donald Trump’s announcement to review tariffs on critical mineral imports. The president also touted “big progress” in tariff talks with Japan, sparking market hopes for improved relations.
However, analysts say that near-term corrections are likely due to tactical players taking profits or experiencing margin calls triggered by equity liquidations. Despite this, experts remain bullish towards gold, citing the uncertainty and concern driving asset markets.
In other metals news, spot silver fell 0.9% to $32.46 an ounce, while platinum slipped 1% to $957.18 and palladium dipped 2.3% to $949.72.
Source: https://www.cnbc.com/2025/04/17/profit-booking-pulls-gold-off-all-time-high.html