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Gold Prices Plunge 2% Amid Strong Dollar and Profit-Taking

2/24/2026

29 5 Full Breakdown

Summary

Story summary

Gold prices fell more than 2% on February 24, 2026, retreating from a three-week high due to profit-taking and a stronger U.S. dollar.
Spot gold dropped to $5,119.67 per ounce, while U.S. futures for April delivery fell to $5,138.30.
The dollar's rise made gold more expensive for foreign buyers.
Federal Reserve Governor Christopher Waller said rates might remain unchanged if employment data stabilizes.

History

Historical Context

The Gold Standard Act of 1900 established gold as the exclusive basis for U.S. currency, fixing its price at $20.67 per ounce. This act shaped monetary policy until the Great Depression, when the U.S. abandoned the gold standard in 1933 under President Franklin D. Roosevelt. Today, gold prices reflect ongoing economic fluctuations, echoing historical monetary challenges.

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Story summary

Gold prices fell more than 2% on February 24, 2026, retreating from a three-week high due to profit-taking and a stronger U.S. dollar.
Spot gold dropped to $5,119.67 per ounce, while U.S. futures for April delivery fell to $5,138.30.
The dollar's rise made gold more expensive for foreign buyers.
Federal Reserve Governor Christopher Waller said rates might remain unchanged if employment data stabilizes.

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