The price of Gold (XAUUSD) experienced significant fluctuations during trading on Thursday, nearly reaching an all-time high of $4,059 before plummeting to $3,945 per troy ounce due to profit-taking activities. Gold closed on Wednesday at $3,975.61 per troy ounce, a decline of over $65 or 650 pips compared to Wednesday’s trading close.
In Friday’s trading session (October 10, 2025), Gold dipped to $3,958 before rebounding to $3,993 per troy ounce.
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The sharp drop in Gold’s price can be attributed to profit-taking after Israel and Hamas signed the first phase of a ceasefire agreement and released hostages. This agreement was previously announced by U.S. President Donald Trump on Wednesday and officially signed by both parties early this morning.
The ceasefire has the potential to resolve geopolitical tensions in the Middle East, which diminishes one of the primary drivers of Gold’s recent rise. Gold prices are expected to remain highly volatile today, with the potential for further profit-taking exerting downward pressure. However, the ongoing U.S. government shutdown and expectations that the Federal Reserve will aggressively cut interest rates next year will likely support an upward trajectory for Gold.
