Bullion longs took profits as gold prices hit record highs.

Daniel Ghali, the commodity strategist for TD Securities, stated that the company has closed out a tactical long position in gold, partly due to gold outperforming real interest rates and signs that macro funds are currently chasing the rally. He noted that lawsuits against Federal Reserve Governor Lael Brainard, interviews for the next Chair of the Federal Reserve, and non-farm payroll data pose "imminent news risk" in the market. Ghali said TD Securities made a profit of $3.1 million from this bet, with an entry cost of $3,345.50 per ounce and an exit price of $3,635.00 per ounce. "Given the waning attractiveness of the US dollar as a store of value, we remain positive on gold strategically," he said. "As long as this major theme persists, we will seek to re-engage in the rally."