Traders take profits, gold prices slightly retreat on Monday
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Jinse Finance reported that gold prices retreated slightly as traders took profits after moderate U.S. inflation data pushed gold back above $5,000 per ounce. In early trading on Monday, gold prices remained near $5,020 per ounce, following a 2.4% increase in the previous session. The U.S. January CPI rose 0.2% month-on-month, easing market concerns over a larger CPI increase and supporting the Federal Reserve’s case for rate cuts. Gold prices soared to a record high above $5,595 per ounce in late January, as a wave of speculative buying pushed the rally to a tipping point, followed by a sudden plunge below $4,500 at the end of the month. Since then, gold has recovered about half of its losses amid volatility.
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