What’s happening to gold on the exchange

According to COMEX, the April gold futures contract was trading at $4,930.9 per troy ounce, down 2.29% from the previous session.

Market participants are reducing positions in safe haven assets as they await further signals on the U.S. Federal Reserve’s monetary policy, as well as developments on the geopolitical front.

Trading activity in Asia remains limited due to the Lunar New Year holidays. Markets in mainland China, Hong Kong, Singapore, Taiwan, and South Korea are closed.

Other precious metals also posted losses. Silver futures slipped to $74.16 per ounce.

Earlier, Qazinform News Agency reported that gold prices hit a record high in late January.