Gold Price Pulls Back after Sharpest Daily Rise in a Decade

Wednesday, 25 March 2020 20:15 WIB



Gold prices headed lower Wednesday, giving up some gains after bullion registered its largest percentage rise in more than a decade.

Some commodity analysts attributed the retrenchment to some exhaustion after two powerful sessions of gains for the yellow metal, as the U.S. Congress draws closer to passing a $2 trillion rescue package to help lessen the economic pain of the coronavirus pandemic.

Gold for April delivery on Comex fell $28.30, or 1.7%, at $1,632.50 an ounce, after surging 6% on Tuesday, where it booked its largest one-day dollar gain based on records dating back to November 1984, and biggest daily percentage rise since March 2009, according to Dow Jones Market Data.

May silver meanwhile, rose 6 cents, or 0.4%, to reach $14.32 an ounce, after the white metal jumped 7.5% a day ago.

Source : Marketwatch


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