23:55
Unknown
Bullion’s three-day loss of more than 4 percent, its biggest such drop in seven months, takes the precious metal further away from a one-year high reached last week and threatens to undo a rally that has seen prices gain 13 percent so far this year.
Goldman Sachs’s recommendation to short gold, prompted by the bank’s belief that the recent fear-induced rally has been overdone, added to the bearish sentiment in the market.
Spot gold fell 1.5 percent to $1,191.40 an ounce by 0415 GMT, after earlier hitting a session low of $1,190.40. The metal slid 2.3 percent on Monday, its biggest slump since July.
U.S. gold futures also fell, hitting a session low of $1,191.50. Silver dropped more than 1 percent.
Spot gold may fall more to $1,178, Reuters technical analyst Wang Tao said.
For more information ✆ – 0731-6642300 or Visit http://ift.tt/1k8NnLH
Posted in: Indian Market Tips
0 comments:
Post a Comment