International gold prices continued their downward trend on Thursday, falling below the 2,600 U.S. dollars per ounce mark and hitting a two-month low.
Gold opened the day at 2,572.91 U.S. dollars per ounce, with a high of 2,581.24 U.S. dollars and a low of 2,555.22 U.S. dollars, marking a decline of 0.58 percent over the day and extending a five-day losing streak. As of 15:00 on Thursday, the price was reported at 2,555 U.S. dollars per ounce, nearly 7 percent lower than its historical peak.
According to senior investment analyst Li Yang, the decline in gold prices can be attributed to several factors.
"With the U.S. elections concluded, many uncertainties remain, and geopolitical conflicts continue, gold price has dropped. Additionally, many gold bulls are taking profits at high levels, contributing to the ongoing drop in prices," he said.
Reflecting these trends, domestic gold prices in China also fell on Thursday. The Shanghai Gold Exchange reported a closing price of 591.12 yuan per gram (about 2,310 U.S. dollars per ounce) for Au9999, down 1.98 percent for the day. The main contract for gold futures closed at 593.10 yuan per gram, down 1.95 percent. Furthermore, retail gold jewelry prices were adjusted downward, with reductions ranging from 8 to 14 yuan (1.1-1.9 U.S. dollars) per gram.
Gold prices drop to two-month low amid market uncertainty
Thousands of people in Pakistan have taken to the streets to stage protests following the U.S. and Israeli strikes on Iran and the killing of Iran's Supreme Leader Ayatollah Ali Khamenei.
A large rally was held outside one of Islamabad's largest Shiite imambargahs on Friday to protest the killing of Khamenei on the first day of the current U.S.-Israeli attacks on Iran on February 28. Demonstrators are chanting slogans against the U.S. and Israel, holding portraits of the slain Iranian leader and waving flags in solidarity with Iran.
Religious leaders addressing the crowd said the demonstrations are intended to express solidarity and condemn what they described as aggression by Israel and the United States.
Roads surrounding the area have been blocked with shipping containers, while heavy security has been deployed as authorities attempt to control the crowds and prevent the protests from spilling into nearby diplomatic districts.
The killing of Khamenei has sparked demonstrations across Pakistan and in other parts of the Muslim world. Within Pakistan's Shiite community in particular, Iran's leadership is widely viewed as a powerful symbol of resistance in the region.
In several cities nationwide, protests have already turned violent, with clashes between demonstrators and security forces leaving dozens dead and injured. Authorities have since heightened security around foreign missions and other sensitive locations.
Protests erupt in Pakistan over U.S.-Israeli attack on Iran
