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Gold futures slipped on Wednesday, with the most-active contract likely to post a third decline in four sessions as the safety bid faded after recently carrying gold past the $2,000 per ounce to their highest intraday levels in a year.
Price action
-
The most-active June gold contract
GC00,
-0.16% GCJ23,
-0.16%
declined by $5, or 0.3%, to $1,985.40 per ounce on Comex. -
Silver for May delivery
SI00,
+0.26% SIK23,
+0.26%
rose by a penny, or less than 0.1%, to $23.43 per ounce. -
Palladium for June delivery
PAM23,
+1.33%
rose by $15.30, or 1.1%, to $1,430 per ounce, while platinum for July
PLK23,
+0.61%
declined by 80 cents, or nearly 0.1%, to $971.10 per ounce. -
Copper for May delivery
HGK23,
+0.17%
gained 3.2 cents, or 0.8%, to $4.117 per pound.
Market drivers
Gold prices softened on Wednesday as the U.S. dollar strengthened and banking-sector fears continued to ease, market analysts said.
Risk appetite has been “slowly creeping back into the marketplace this week,” said Jim Wyckoff, senior analyst at Kitco.com, in a daily note. “That’s bearish for the safe-haven metals.”
U.S. benchmark stock indexes traded higher, supported in part by a calmer mood in the banking sector.
“A peaceful interlude has engulfed global markets yet again as investors try to decide if this was a bank crisis that wasn’t or if some real economic worries lie in waiting,” said Stephen Innes, managing partner at SPI Asset Management.
Meanwhile, “[t]he stronger dollar also weighed on gold, which is reversing most of yesterday’s gains,” said Raffi Boyadjian, lead investment analyst at XM.
The ICE U.S. Dollar index
DXY,
was up 0.2% at 102.59 in Wednesday dealings.
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