Gold rises after deepest drop since August 2020

Gold prices rise after falling more than 5% in the previous session

Gold prices rose in Wednesday trading after falling more than 5% in the previous session, marking their steepest drop since August 2020, as investors took profits following the metal’s recent rally.

December gold futures gained 0.85%, or $34.1, to $4,143.2 an ounce.

Spot gold added 0.1%, or $3.15, to $4,128.37 an ounce, while spot silver rose 0.5% to $48.96.

The US dollar index, which tracks the greenback against a basket of six major currencies, was steady at 98.88 as of 8:02 a.m. Makkah time.

December silver futures climbed 1.45% to $48.38 an ounce. Spot platinum slipped 0.75% to $1,535.68, while palladium edged up 0.55% to $1,423.72.

The gains came after US President Donald Trump said he expects to reach a “fair" trade deal with Chinese President Xi Jinping when they meet next week in South Korea and downplayed the risk of confrontation over Taiwan.