Gold Prices Drop Below $2,400 Due to Interest Rate Concerns; Copper Affected by Profit-Taking

Gold prices have recently fallen below $2,400 per ounce. This decline is mainly due to worries about rising interest rates, which often make gold less attractive to investors since it doesn't pay interest or dividends.

Interest rates play a crucial role in the economy. When rates are expected to go up, investors might move their money from gold to other investments that yield interest, like bonds. This shift causes gold prices to drop.

Copper prices are also experiencing a downturn but for a different reason. Investors who have made profits from copper are now selling their holdings to lock in those gains. This practice is known as profit-taking. Even though the demand for copper remains strong, especially with its use in green technologies and construction, this selling pressure has temporarily lowered its price.

In summary, gold is facing price pressure due to fears of rising interest rates, while copper's price is affected by investors cashing in their profits.