International gold prices fell on Friday as investors took profits following a strong recent rally, while a lack of fresh catalysts for further gains put pressure on bullion.
Spot gold fell 0.5% to $4,326.75 an ounce, while U.S. gold futures for December delivery declined about 1% to $4,382.50 an ounce.
Gold had climbed to its highest level since June 5 on Thursday before retreating 1.3% later in the session, prompting some investors to lock in gains after the recent advance.
Market analysts said profit-taking was weighing on prices, while the absence of an immediate catalyst for another significant move higher had also limited demand.
The retreat in gold came despite the precious metal’s strong gains in recent sessions, with investors continuing to assess the outlook for interest rates, inflation and geopolitical risks.
Other precious metals also weakened. Spot silver fell 0.4% to $64.17 an ounce, while platinum declined 0.3% to $1,711.84. Palladium was little changed at $1,306.98 an ounce.
Analysts said gold could remain under pressure in the near term if investors continue to book profits, although broader market expectations for interest rates and developments in global economic and geopolitical conditions are likely to determine the metal’s next major move.
