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