Gold falls nearly 2.5% to close below $4,000

Gold fell nearly 2.5% as investors took profits after Hamas and Israel agreed to a ceasefire in Gaza

Gold prices declined on Thursday, falling below the key psychological level of $4,000 per ounce, pressured by a stronger dollar and profit-taking following the ceasefire agreement in Gaza.

December gold futures fell 2.40%, or $97.9, to settle at $3,972.60 per ounce, after closing at a record high on Wednesday.

The US dollar index — which measures the greenback’s performance against a basket of six major currencies — rose 0.63% to 99 points as of 10:00 p.m. Makkah time.

The precious metal came under pressure as investors took profits after Hamas and Israel agreed to a ceasefire in Gaza, following negotiations held in Egypt to end a two-year-long conflict.