Gold posted its biggest daily fall since mid-December on Tuesday after strong US data helped send US and German stocks to record highs, with losses accelerating as prices broke out of the narrow range they had held in for more than a month.
The metal initially took some support from a softer tone to European stocks, but later fell to its weakest point since early February at
A technical break-out started the fall on Tuesday, "which then accelerated when US data surprised and US stocks hit new records",
"All is not lost though," Hansen said, explaining that holdings in gold-backed exchange-traded products had jumped on Tuesday.
He said the
Gold buying in the price-sensitive Asian markets remained soft yesterday, traders said, with Chinese demand failing to pick up despite the sharp overnight drop in prices.
"We have had a
"That is not supportive," Victor Thianpiriya, an analyst at ANZ, said.
Prices for 99.99 percent purity gold on the Shanghai Gold Exchange were between
Trade data on Tuesday showed that
From a technical perspective, the metal remains vulnerable to further losses, according to analysts. - Reuters
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