On Monday, gold prices fell slightly in Asian trading to the level of $2.091.95, but they still remain close to the historical maximum reached last Friday. The precious metal rose to the record level of $2,095.7 per ounce after the publication of data on a reduction in business activity in the US industrial sector, which has been recorded for 16 consecutive months. Thus, the ISM industrial business activity index fell to 47.8 points in February, compared with 49.1 points in the previous month. The average forecast of analysts suggested an increase to 49.5 points. This report reinforced confidence in the reduction of the US interest rate this year, which led to a sharp increase in gold prices. However, in the near term, gold prices may start to decline again, especially ahead of important signals from the Federal Reserve and data on the US labor market, which are expected later this week.
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