Manama: Gold prices dropped on Monday, pressured by thin trading volumes as U.S. and China markets remained shut due to local public holidays, while some traders booked profits after last session’s 2.5% jump.
According to Bahrain News Agency, spot gold fell 1.1% to $4,986.32 per ounce by 0550 GMT. U.S. gold futures for April delivery lost 0.8% to $5,005.60 per ounce. The decline in gold prices was observed as trading activity remained subdued due to the holiday closures in major markets.
Spot silver saw a decline of 2.4% to $75.64 per ounce, after experiencing a 3% fall earlier in the session. The white metal had risen 3.4% on Friday, indicating some volatility in the market.
Meanwhile, spot platinum slipped 0.8% to $2,045.11 per ounce, and palladium shed 0.7% to $1,673.52. The movement in precious metal prices reflects the current market dynamics influenced by the lack of trading activity in significant global markets.