NNA - Gold prices saw a slight decline but continued to hover above the $2,100 level on Wednesday, maintaining their strength near a record peak reached in the previous session.

Spot gold saw a slight decline of 0.04 percent to $2,127.23 per ounce, while U.S. gold futures fell 0.25 percent to $2,136.65. The precious metal hit a record peak of $2,141.59 per ounce overnight on Tuesday, marking its fifth consecutive session of gains.

In Dubai, gold prices saw an increase. Twenty-four-carat gold was priced at AED257.50 per gram, an AED1.25 increase. Meanwhile, 22-carat stood at AED233.25 per gram, up AED1.

The recent rally in gold prices has been largely sentiment-driven, with hopes for U.S. interest rate cuts by mid-year gaining traction among traders. Last week’s disappointing U.S. economic data has fueled expectations for a rate cut in June. However, analysts cautioned that gold prices could lose their upward momentum without other supporting factors such as movements in the dollar or geopolitical tensions, potentially leading to profit-taking.--agencies 

==========R.H.