Gold
prices tumbled on Tuesday as U.S. stocks drew bidders and after a
prominent Wall Street firm offered a bearish outlook on the yellow
metal. April gold fell $31.20, or 2.5%, to $1,208.20 an ounce.
Renewed
appetite for U.S. stocks diminished some of the appeal of the precious
metal, which has enjoyed one of its best runs over the past two weeks.
Adding to gold's decline was a report from Jeffrey Currie, Goldman
Sachs's global head of commodities, who said in his most recent research
note that it is time to bet against the traditional haven as investor
fears are overdone and don't justify the recent rally.
Gold
has gained almost 14% so far this year, compared with a decline in the
S&P 500 index of 7.4%. The point loss for gold, based on a
most-active contract, was the worst since March 6, 2015, according to
Dow Jones data. On a percentage basis, it was the worst one-day fall in
about three months.
Source: MarketWatch
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