Investing.com – Gold futures dropped sharply on Wednesday, falling to a three-day low as profit taking continued after the precious metal touched a record high in the previous session, while a rebound in market sentiment also weighed.
On the Comex division of the New York Mercantile Exchange, gold futures for October delivery traded at USD1,845.25 a troy ounce during late Asian trade, tumbling 1.35%.
It earlier fell as much as 2.5% to trade at USD1,827.25 a troy ounce, the lowest price since September 2.
Gold prices surged to an all-time high of USD1,921.05 a troy ounce on Tuesday, as a combination of concerns over the outlook for global growth and mounting worries that the euro zone’s sovereign debt crisis is worsening boosted the precious metal.
The rally prompted some investors to sell their position on profit taking and lock in gains.
Meanwhile, global equities rebounded from three straight days of losses on Wednesday, with Asian stock markets posting sharp gains, while European equities were broadly higher after the open, denting the appeal of the precious metal.
Gold prices remained supported amid fears over the euro zone’s ongoing debt crisis. Later in the day, Germany’s constitutional court was to hand down a ruling on the legality of the latest bailout for Greece.
Meanwhile, Russia’s central bank plans to purchase approximately three tons of gold this week, a central bank official said on Tuesday.
Russia bought 4.42 tons of gold in July, taking its total holdings of the precious metal to 841.13 tonnes, the world’s fifth largest.
Elsewhere on the Comex, silver for December delivery fell 0.95% to trade at USD41.47 a troy ounce, while copper for December delivery rose 0.74% to trade USD4.093 a pound.
Bolivia announced plans to raise mining royalties to take advantage of high metal prices and bolster the state's role in the industry, deputy Mining Minister Hector Cordova said on Tuesday. Bolivia is the world's sixth largest silver producing country.
On the Comex division of the New York Mercantile Exchange, gold futures for October delivery traded at USD1,845.25 a troy ounce during late Asian trade, tumbling 1.35%.
It earlier fell as much as 2.5% to trade at USD1,827.25 a troy ounce, the lowest price since September 2.
Gold prices surged to an all-time high of USD1,921.05 a troy ounce on Tuesday, as a combination of concerns over the outlook for global growth and mounting worries that the euro zone’s sovereign debt crisis is worsening boosted the precious metal.
The rally prompted some investors to sell their position on profit taking and lock in gains.
Meanwhile, global equities rebounded from three straight days of losses on Wednesday, with Asian stock markets posting sharp gains, while European equities were broadly higher after the open, denting the appeal of the precious metal.
Gold prices remained supported amid fears over the euro zone’s ongoing debt crisis. Later in the day, Germany’s constitutional court was to hand down a ruling on the legality of the latest bailout for Greece.
Meanwhile, Russia’s central bank plans to purchase approximately three tons of gold this week, a central bank official said on Tuesday.
Russia bought 4.42 tons of gold in July, taking its total holdings of the precious metal to 841.13 tonnes, the world’s fifth largest.
Elsewhere on the Comex, silver for December delivery fell 0.95% to trade at USD41.47 a troy ounce, while copper for December delivery rose 0.74% to trade USD4.093 a pound.
Bolivia announced plans to raise mining royalties to take advantage of high metal prices and bolster the state's role in the industry, deputy Mining Minister Hector Cordova said on Tuesday. Bolivia is the world's sixth largest silver producing country.