Gold prices have declined from the highs in the area of $2000

On Monday, gold prices declined slightly and moved away from local highs at $2002 per ounce. The last time such price values were recorded was in March 2022. 

The current quote of the precious metal is $1964.70. Prices are declining as traders lock in profits after strong growth. At the same time, the decline is rather symbolic, since concerns about the global banking crisis continue to support high demand for a «safe haven».

This year, gold has significantly surpassed the US dollar as a safe haven asset: market participants are still afraid of the continuation of the domino effect among American and European banks. 

The decline in the price today was caused by a slight recovery in the dollar after officials of the US Federal Reserve System said that the central bank could raise the rate at least 2 more times.

Other precious metals also retreated from the recent gains on Monday: platinum futures fell 0.2% to $972.57, and silver futures fell 0.1% to $22.99 per ounce. Among industrial metals, copper prices also declined after sharp fluctuations in previous sessions, as the market assessed the weakening of the dollar against fears of a slowdown in the global economy. Copper futures fell 0.1% to $4.0245 per pound.