Daily Gold Market Report

Precious Metals Take a Hit:
Gold Sees Largest Daily Loss Since 2022

(USAGOLD – 4/23/2024) Gold prices are sharply lower again and hitting three week lows early this morning in US trading. Precious metals futures markets are experiencing pressure from profit-taking and weak long liquidation. Gold is trading at $2314.38, down $12.92. Silver is trading at $27.03, down 17 cents. Gold prices experienced a significant drop, marking their largest daily decline in two years with a 2.5% fall to approximately $2,350 per troy ounce. Despite this setback, gold remains a strong performer in 2024, still up about 14% for the year, significantly outpacing the S&P 500’s 5% return. The decline in gold prices, which are now nearly 4% below their recent peak of over $2,400, coincides with a broader selloff in precious metals, including a 5% drop in silver prices. Factors contributing to the selloff include profit-taking by investors after a historic rally and a shift towards slightly riskier assets amid a decrease in geopolitical tensions in the Middle East. This shift reflects a reduced demand for gold, traditionally viewed as a safe haven during times of turmoil and inflation.