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The gold futures market experienced a rollercoaster ride this week, reaching historic highs before succumbing to a dramatic selloff. On Monday, the most active June 2024 contract opened at $2,422.20, soared to an intraday high of $2,454.20, and settled at a record-breaking $2,438.50. This momentous achievement, however, was short-lived.

Gold futures experienced a dramatic selloff over the past two trading days, plummeting by more than $88 per ounce, as the release of the Federal Open Market Committee (FOMC) meeting minutes fueled concerns about a more hawkish Federal Reserve.

The release of the Federal Open Market Committee (FOMC) minutes from last month's meeting sent shockwaves through the gold market, triggering a dramatic selloff.

The gold market has been a battleground between bulls and bears, with traders grappling with a complex web of macroeconomic and geopolitical factors. As the precious metal's futures prices touched an intraday low of $2,407.60 per ounce today, some investors seized the opportunity to book profits, while others saw the dip as a chance to fortify their positions.

Gold futures, based on the most active June contract, are currently trading at $2,438.50, up $21.10 or 0.87% for the day. The June contract opened at $2,422.20, reached a high of $2,454.20, and a low of $2,411.10. Gold futures have gained significant value over the past month, considering they were trading at $2,298.20 on Wednesday, May 1.