Trump's change of stance calms market concerns, gold prices fall from highs

avatar
MarsBit
04-23
This article is machine translated
Show original
Mars Finance News, on April 23, spot gold dropped for the second consecutive day after first breaking through the $3,500 per ounce mark, as U.S. President Trump seemingly showed a conciliatory attitude, prompting investors to take profits. On Wednesday morning in Asia, gold prices fell by 1.9%, following a 1.3% decline in the previous trading session. Shortly after reaching a historic high of $3,500.10 on Tuesday, gold prices began to decline as risk appetite improved, stock markets rebounded, and bond and dollar markets stabilized. After gold prices surged in April, investors started to take profits. The 14-day Relative Strength Index indicated that gold was in an overbought state. Despite two consecutive days of pullback, gold prices have still risen by over 25% this year, driven by tense trade relations and deteriorating economic growth prospects, which boosted demand for safe-haven assets. Strong buying from central banks and gold ETF investors has also supported gold prices. (Jinshi)

Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments