Gold Mixed After Wall Street’s Rise; Return to 7-Year Highs Likely
Gold prices were mixed on Wednesday after a rebound in U.S. stocks slowed fund flows into safe havens, but analysts said the yellow metal was within target of returning to seven-year highs due to fears around the coronavirus crisis and expectations of U.S. rate cuts.
Gold futures for April delivery on New York’s COMEX settled down $5.55, or 0.4, at $1,643.10.
The contract fell 1.6% Tuesday, its most in a day since October, on what analysts described as a breather in a market that had tacked on $115 over a three-week run to seven-year highs of nearly $1,700.
Spot gold, which tracks live trades in bullion was up $12.36, or 0.8%, at $1,647.44 by 3:02 PM ET (20:02 GMT).