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
