Gold Moves Modestly Lower After Initial Move To The Upside

Gold for January delivery fell $11.20 or 0.3 percent to $4,314.40 an ounce after reaching a high of $4,350.60 an ounce.

The price of gold extended the pullback seen in the previous session and moved sharply lower for the week, plunging by $220.40 or 4.9 percent.

The steep drop for the week marked the biggest one-week percentage decline since the week ended June 18, 2021.

Geopolitical concerns contributed to the initial jump by gold prices, although buying interest waned shortly after the start of trading.

Traders subsequently resumed the profit taking seen earlier in the week after the price of gold reached record highs last Friday.

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