Gold Prices Retreat After Record Highs: All Asset's Value Changes After One Night

A Volatile Week for Gold: The Rollercoaster of Haven Demand and Profit-Taking:
Spot gold fell 3.79% to $5,187.73 per ounce during early Friday trade. Meanwhile, April gold futures saw a modest gain of 0.3%, reaching $5,365.39/oz. This mixed performance marked another wild swing for gold prices, which had reached an all-time high of nearly $5,600/oz on Thursday (29th January).
This surge was spurred by growing geopolitical tensions, particularly between the U.S. and Iran, which heightened demand for safe-haven assets. As the situation escalated, traders flocked to gold and other precious metals as protective investments. However, the upward rally was followed by a sharp decline as investors took profits from the massive gains seen earlier in the week.

Silver and Platinum Prices Experience a Cooldown:
Other precious metals like silver and platinum followed similar patterns, with both metals experiencing significant swings. Spot silver dropped 5.78% to $109.540/oz on Friday, staying just below its record high reached the previous day. Platinum saw a similar fate, sliding nearly 4.53% to $80,791/g, as the volatility in global markets impacted its price.
Though Friday saw cooling off, these metals also benefited from the rush into safe havens. Their price movements were heavily influenced by the shifting U.S. fiscal landscape, and growing concerns about U.S. interest rate decisions.

Source: Followme's "Markets" feature

January: A Historic Month for Gold and Other Precious Metals: