Gold prices fell half a percent on Tuesday, pressured by a rebound in the dollar, and gold might enter a phase of consolidation after record-breaking rally. Spot gold was trading at $1,346 an ounce by 0617 GMT, down 0.5 percent from the previous close. Gold hit an all-time high of $1,364.6 last week.
US gold futures fell 0.6 percent to $1,346.8. Spot gold is expected to return to the October 8 low of $1,324.85 per ounce, as it could be rangebound between $1,234.85 and $1,364.60 for a few trading sessions, said Wang Tao, a Reuters market analyst. Spot silver fell 1.2 percent to $23.01 an ounce, down from a 30-year high of $23.65 hit on Monday.
Comments
Comments are closed.