Gold prices experienced a significant drop, falling over 5% from a record high of $5,594.82 to $5,109.62, as investors engaged in profit-taking.
Despite this sharp decline, spot gold remained on track for its best month since the 1980s, with prices still up approximately 24% for the month and 7% for the week. The market was influenced by geopolitical tensions, including U.S. President Trump's interactions with Iran, and Federal Reserve policies, with markets anticipating a rate cut in June.
Other precious metals like silver and platinum also saw declines after reaching record highs. Analysts at UBS have revised their gold price forecasts upwards for the year, citing widening demand from various sources, including central banks and a significant allocation from Tether's investment portfolio.
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