New York: Yesterday, gold futures prices for one troy ounce (31.1 grams) fell by $86 in commodity markets, APA-Economics reports.
According to Azeri-Press News Agency, on the New York COMEX commodity exchange, the price of June gold futures per troy ounce decreased by 2.76%, reaching $3,035.40. The previous price of gold was $3,125.60. The spot price of gold also fell by $77.10, or 2.47%, to $3,038.24 per ounce.
The price of silver for May futures on COMEX decreased by 8.57%, or $2.74, to $29.23 per ounce.
Analysts suggest that the decline in gold prices is mainly due to escalating global trade tensions between the U.S. and China, with both countries raising tariffs. Additionally, after prices reached peak levels, some investors have been selling gold to realize profits. Furthermore, amid a broad sell-off in global financial markets, investors are liquidating various assets, including gold, leading to a drop in prices.