International gold prices fell as investors moved to realize profits after the US Federal Reserve cut interest rates by 0.25 percentage points on the 17th (local time).
According to Reuters, the spot gold price on the London Bullion Market Association (LBMA) dropped 0.9% to $3,658.25 per ounce at 7:11 p.m. Gold prices had previously surged to an all-time high of $3,707.40 per ounce before declining.
On the New York Mercantile Exchange, gold futures for December delivery closed at $3,717.80 per ounce, down 0.20% from the previous session.
Independent metals trader Tai Wong stated, "Federal Reserve Chair Jerome Powell described this rate cut as a 'risk management' move, signaling uncertainty from the Fed and triggering profit-taking."
Gold prices had been on a record-breaking rally since the end of last month ahead of the Fed's rate decision. So far this month, prices have surged about 6%, and approximately 40% since the start of the year, outperforming other assets such as the S&P 500 Index.
Meanwhile, Deutsche Bank raised its gold price forecast for next year from $3,700 to $4,000 per ounce.
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