The price of gold tumbled five percent in early trading Friday, extending losses after soaring to record highs this week thanks to its status as a safe-haven investment.
Gold retreated to $5,107.79 an ounce, having already slumped Thursday after reaching a record high of $5,595.47 the same day.
“Gold prices have slid… as investors look to take some profits,” Aarin Chiekrie, equity analyst at Hargreaves Lansdown, noted Friday.
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