Gold prices fall after hitting all-time high

Gold prices reversed their uptrend today, April 4, amid continued investor demand for safe havens on weaker forecasts for the start of US interest cuts amid the ongoing momentum of economic activity and the labor market, paired with geopolitical tensions in Ukraine and the Middle East.

Bullion for June delivery plunged by 0.14%, or $3.20, to $2,311.80 an ounce at 11:01 am Makkah time. Additionally, spot prices shed 0.28% to $2,293.59 per ounce, after touching a record high of $2,304.09/ounce earlier in the session.

On the other hand, silver futures for May delivery soared 0.39% to $27.17 per ounce, with platinum spot prices also up 0.17% to $941.79 an ounce.

US private companies added 184,000 new jobs in March, an increase from the upwardly revised February gain of 155,000, payrolls processing firm ADP reported on April 3.

Elsewhere, the seasonally adjusted S&P Global US Services purchasing managers’ index edged down to 51.7 in March, a three-month low, from 52.3 in February, falling closer to the 50-mark separating growth from contraction for the 16th straight month.

Federal Reserve Chairman Jerome Powell said yesterday that the US central bank is in no rush to slash key rates, underlining that “it is too soon to say whether the recent [inflation] readings represent more than just a bump.”