BlockBeats News, April 23rd, spot gold fell for the second consecutive day after breaking through the $3500/ounce mark for the first time, as U.S. President Trump seemed to signal a conciliatory stance and investors took profits.
During early Asian trading on Wednesday, the price of gold fell by as much as 1.9%, following a 1.3% decline in the previous trading day. Shortly after reaching a historic high of $3500.10 on Tuesday, the gold price began to fall as risk appetite improved, stocks rebounded, and the bond market and the U.S. dollar stabilized. After the surge in the price of gold in April, investors began to take profits. Its 14-day relative strength index indicates that gold is in overbought territory.
Despite the two-day decline in gold prices, the price of gold has risen by more than 25% so far this year, as escalating trade tensions and worsening economic growth prospects have boosted demand for safe-haven assets. Strong buying from central banks around the world and gold ETF investors has also supported the gold price. (FX Street)
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