© Archyde.com. Gold bars in a photo from the Archyde.com archive.
(Archyde.com) – They fell on Wednesday as appetite for riskier assets increased following fears of a widening global banking crisis eased.
It fell in the spot market 0.6 percent to $ 1961.80 an ounce by 0749 GMT, following increasing 1 percent on Tuesday. US gold futures fell 0.5 percent to $1,963.10.
“We are witnessing a natural bounce… Gold is falling following a failed ‘attempt’ to break the $1975 barrier,” said Matt Simpson, senior market analyst at City Index.
However, he added that some investors “still seem to be holding on to gold ‘in anticipation’ of other mysteries.”
It rose, which raises the price of the precious metal for buyers holding other currencies. Asian stocks jumped on Wednesday.
Simpson said that although gold will “ultimately” be supported by uncertainty in financial markets, prices may become more volatile in the coming weeks if inflation and US economic data remain on the rise.
Data on Tuesday showed US consumer confidence rose unexpectedly in March, while the US goods trade deficit increased modestly in February.
As for other precious metals, it fell 0.5 percent to $23.15 an ounce, and platinum fell 0.1 percent to $962.05 and lost 0.3 percent, recording $1,414.64.
(Prepared by Mahmoud Abdel-Gawad for the Arabic Bulletin – Edited by Mahmoud Salama)
