The price of gold recovered after the fall
Kyiv • UNN
The price of gold stabilized at $3,372, after falling by almost 2%. Investors are expanding their assets in exchange-traded funds, and central banks are also making purchases.
Gold recovered most of its earlier losses and traded virtually unchanged, as traders assessed the metal's prospects amid the US-led trade war, Bloomberg reports, UNN writes.
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Bullion, which reached a record high of over $3,500 an ounce on Tuesday before falling, remained stable at around $3,372 after falling nearly 2% earlier.
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"Any pullback is a good opportunity to enter," said Shiyao Liu, an analyst at Zijin Tianfeng Futures Co., citing the long-term nature of his support.
Bullion is still up more than a quarter this year, as trade tensions, expectations of a global slowdown and tensions between the administration of US President Donald Trump and the US Federal Reserve have combined to fuel demand for a safe-haven asset. Growth has been supported by investors expanding their assets in exchange-traded funds, as well as purchases by central banks.
The precious metal's sharp reversal on Tuesday came after technical market indicators pointed to gold being overbought, prompting some investors to lock in profits. In addition, Trump abandoned the decision to remove Fed Chairman Jerome Powell and also made positive comments about the trade war with China.
Gold for immediate delivery was almost unchanged at $3,360 an ounce at 10:55 am in Singapore. The Bloomberg Dollar Spot Index was little changed. Silver, which fell by more than 1% in early trading, also recovered in price. Platinum and palladium rose slightly.