Gold Prices Under Pressure Amid Upbeat US Economic DataGold has recorded a 5% decline from its all-time high, reflecting profit-taking amid a strong US economic outlook. The economic recovery is evident with a strong 2.8% GDP growth in the second quarter and falling inflation, reducing the appeal of gold as a safe-haven asset.
Gold prices could continue to decline if US economic data continues to be positive and bond yields rise. Important resistance is at $2,380 and key support is at $2,360.