Gold prices retreated on Tuesday, from their highest levels in a month with the rise of stocks thanks to signs of a slowdown in new cases of coronavirus, but concerns about the economic repercussions of the pandemic limited the losses of the metal.
The spot price of gold fell 0.5% to $ 1654.26 an ounce by 0735 GMT, after climbing to a month’s peak of $ 1671.40 earlier in the session. And the metal rose by up to 2.8% yesterday, Monday.Michael McCarthy, chief strategist at CMC Markets, said the decline was expected.
“It is quite clear that the general trend of the short-term is to rise. The rise of stocks does not burden the gold because it rose during the night along with the stocks. There appears to be a serious break in the inverse relationship between gold and the assets of growth.”
Palladium rose 2.4% to $ 2206.30 an ounce, while platinum rose one percent to 742.33 dollars.
Silver jumped 1.7% to $ 15.24 an ounce, after touching earlier its highest levels in more than three weeks.