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Gold dipped after peaking at an all-time high above $4,000 an ounce on Wednesday, following a torrid rally that’s left prices vulnerable to pullbacks amid signs that the precious metal is trading at overheated levels.
Bullion declined as much as 0.7% in early Asia trading on Thursday to around $4,015 an ounce, after closing 1.4% higher in the previous session. Technical indicators show gold’s been trading in overbought territory for the past month, likely leading to some profit-taking by investors following a scorching four-day run.