Gold retreats from $4,700; BOK expected to signal tightening shift May 28

Spot gold fell 1.22% to $4,678/oz, down 16% from January's record $5,589, as investors took profits. The Bank of Korea held its policy rate at 2.5% for a seventh straight meeting in April, but markets expect new Governor Shin Hyun-song's first May 28 meeting to signal a tightening turn, with the first hike in July and a year-end rate near 3.0%.