At the close of trading on 24/2, spot global gold prices decreased by 85 USD to 5,142 USD per ounce. Earlier in the session, prices had reached a 3-week high of 5,250 USD.

The market declined as investors engaged in profit-taking and a strengthening US dollar put pressure on the precious metal. The Dollar Index rose 0.1%, making gold more expensive for buyers using other currencies. Investors are also awaiting more details on US import tariff plans and the outcomes of talks between Washington and Tehran.

"The trend for gold prices remains upward, so I believe this is just a correction," stated Jim Wyckoff, a senior analyst at Kitco Metals.

Global gold prices declined immediately after reaching a 3-week high. Chart: Kitco.

Global gold prices declined immediately after reaching a 3-week high. Chart: Kitco.

Earlier in the session, prices had risen after US President Donald Trump announced last weekend that additional tariffs would be raised from 10% to 15%. This move was in response to a US Supreme Court ruling that his invocation of the International Emergency Economic Powers Act (IEEPA) to impose tariffs exceeded his authority. However, the US actually collected only 10% tariffs from 24/2, as per the President's initial announcement.

Meanwhile, Iran and the US will hold their third round of nuclear talks on 26/2 in Geneva. Investors are increasingly concerned about the risk of military conflict between the two countries.

"Safe-haven demand remains strong. US - Iran tensions and import tariff uncertainty are limiting gold sales. However, at high prices, a correction is unavoidable. To break through to new records, gold needs new geopolitical impetus," Wyckoff commented.

Additionally, Fed Atlanta President Raphael Bostic indicated that the US might be entering a period of high unemployment rates, as companies adopt AI to reduce staff. This situation is difficult to offset solely by reducing interest rates.

Beyond gold, silver prices also fell 1.2% to 87.2 USD per ounce. Previously, this metal had reached a two-week high. Conversely, platinum and palladium prices increased by 1-2%, reaching 2,175 USD and 1,785 USD per ounce, respectively.

Ha Thu (according to Reuters)