The price of gold surged to an all-time high of $4,059 per troy ounce during trading on Wednesday. Meanwhile, the Nasdaq index soared by nearly 200 points, setting a new record as well.
However, the morning trade on Thursday (October 9, 2025) saw a stark reversal for both; gold fell nearly $40, or 400 pips, to settle at $4,001 per troy ounce, while the Nasdaq again achieved a new all-time high at 25,392.
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This decline in gold prices is chiefly attributed to profit taking following a sharp rise since the start of the week. Additionally, U.S. President Donald Trump announced that Israel and Hamas had agreed on a “first phase” of a peace deal aimed at ending hostilities and releasing some hostages.
The potential resolution of the Israel-Hamas conflict also influenced profit taking in gold; conversely, the Nasdaq benefited from positive sentiment, propelling it to establish yet another record high this morning.
