Gold prices in the spot market fell by 0.6% to $1961.80 per ounce after a 1% increase on Tuesday. U.S. gold futures decreased by 0.5% to $1963.10.
Matt Simpson, a senior market analyst at City Index, confirmed that "we are witnessing a natural pullback. Gold is retreating after a failed attempt to break the $1975 barrier." He added that the dollar index has risen, increasing the price of the precious metal for holders of other currencies. He noted that prices will be more volatile in the coming weeks if inflation and U.S. economic data continue to rise.
As for other precious metals, silver fell by 0.5% to $23.15 per ounce, platinum decreased by 0.1% to $962.05, and palladium lost 0.3%, recording $1414.64.
