The early morning gold in Asia declined due to a possible technical correction.

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After the settlement price of near-month gold futures rose by 3.4% on Wednesday, gold declined in early trading due to a possible technical correction. Spot gold fell 0.4%, trading at $4,509.27 per ounce. Bas Kooijman, CEO and asset manager of DHF Capital, stated in an email that if U.S. Treasury yields rebound and oil prices surge again, gold could continue to face downside risks, especially if negotiations to end the conflict between the U.S. and Iran break down. The CEO and asset manager added, “Gold, as a commodity, may remain highly sensitive to diplomatic news, developments in Middle Eastern geopolitics, and their impact on monetary policy expectations.”

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