Gold investors take profits, analysts say there may be little real support before $3,850
US dollar rose and gold investors took profit after Israel and Hamas reached a ceasefire agreement, the price of gold fell below $4000 per ounce on Thursday, dropping to below $3950. Independent metal trader Tai Wong said, "With the Gaza ceasefire in effect, speculators are taking some gold chips off the negotiating table because the ceasefire agreement has eased tensions in the Middle East. However, overall, confidence in this trade has not weakened. However, the price of gold rose so fast before that there was no real support before $3850."
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