Gold falls over 1% as investors take profits

Gold futures fall as investors booked profits after the metal hit an all-time high in the previous session

Gold futures slipped on Thursday as investors booked profits after the metal hit an all-time high in the previous session.

December gold futures dropped 1.25%, or $44.8, to $3,590.7 an ounce, while spot prices fell 0.85%, or $29.81, to $3,529.61 an ounce at 8:25 a.m. in Mecca time.

The dollar index, which measures the US currency against six major peers, edged up 0.1% to 98.25.

December silver futures fell 1.6% to $41.4 an ounce, spot platinum eased 0.95% to $1,411.04, and spot palladium slipped 1.1% to $1,136.22.

According to the FedWatch tool, bets on a 25 basis-point rate cut at the Federal Reserve’s Sept. 16-17 meeting rose to 99.7%, up from 86.7% a week earlier.