Gold recoiled from its first ever foray above record $1,900 an ounce on Tuesday in the sharpest one-day drop in 18 months, as rebounding equities prompted traders to rethink a bullion rally which many now see as overdone. In the spot market, the precious metal fell almost $90 from a record high $1,911.46 overnight. Spot gold was down 3.7 percent at $1,826.60, its biggest one-day percentage loss since February 2010, after reaching $1,911.46 in overnight trading.
US December gold futures settled down $30.60, or 1.6 percent, at $1,861.30 an ounce. After the close it extended its slide to below $1,830. Trading volume was near 370,000 lots, set to be one of the heaviest trading days this year. Spot silver was down 5 percent at $41.58 an ounce. Spot platinum was down 2 percent at $1,862.24 an ounce, and spot palladium was down 0.1 percent at $757.22 an ounce.
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