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Home » Gold Price sudden drop after World Gold Record

Gold Price sudden drop after World Gold Record

2023.11.07 | GOLDCeylon | Colombo

Gold prices held around 1-week lows in London trade wednsday , sitting more than 5% below yesterday morning’s sudden spike to new all-time highs in all major currencies except the Swiss Franc even as betting edged higher that the US Federal Reserve will start cutting Dollar interest rates as soon as March.

Prices for wholesale gold bullion settled in London – heart of the global precious metals market – held around $2027 per Troy ounce,

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That helped the incentive for new bullion imports into China, gold’s No.1 consumer nation, rebound to the equivalent of $26 per ounce from yesterday’s 5-month low of $9, suggesting continued tight supply versus demand.

Trading volumes in US Comex gold derivatives meantime fell back after yesterday’s near-45% jump to the highest 1-day turnover since mid-March, when gold began a surge to its prior all-time highs amid the Silicon Valley Bank collapse

Source : KITO NEWS,


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