Gold, Palladium Hit Brakes After A Blistering Rally: Report
NDTV
Gold and palladium on Wednesday hit the brakes on a blistering rally as risk-assets attempted a comeback, with analysts predicting another run higher.
Gold and palladium on Wednesday hit the brakes on a blistering rally as riskier assets attempted a comeback, with analysts predicting another run higher for precious metals in case of a further escalation in the Ukraine crisis.
Spot gold fell 1.9 per cent to $2,013.79 per ounce as of 1047 GMT, snapping a four-session rally that took it to within reach of the August 2020 all-time high. U.S. gold futures fell 1.1 per cent to $2,021.20.
"What we may be seeing now is just a small correction after such a large move over a prolonged period of time (in gold and palladium)," said Craig Erlam, senior market analyst at OANDA.
Key equity indices rebounded as investors picked up beaten-down stocks following a recent rout sparked by fears about growing Western sanctions on Russia for its invasion of Ukraine.
