On April 23, spot gold fell for the second consecutive day after first breaking through the $3,500 per ounce mark, as U.S. President Trump seemed to signal a conciliatory stance, and investors took profits.
On Wednesday morning in Asia, gold prices dropped 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 fall as risk appetite improved, stock markets rebounded, and bond and dollar markets stabilized. After gold's surge in April, investors started taking profits. Its 14-day relative strength index indicated that gold was in an overbought state.
Despite two consecutive days of decline, gold prices have still risen by over 25% this year, driven by trade tensions and deteriorating economic growth prospects that boosted demand for safe-haven assets. Strong buying from central banks and gold ETF investors has also supported gold prices. (Jintian)
