Gold falls in Asian trading amid investor profit-taking
Spot gold dropped overnight 0.2% to $1,992.54/ounce in Asia
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Gold declined in early Asian trading Tuesday amid profit-taking, even as prices of the precious metal edge closer toward the record $2,028.00/ounce set in August 2020.
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"There is still a lot of optimism that growth prospects won't crumble completely and that helped trigger some profit-taking," Oanda Corporation, a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission reported, adding they expect gold prices to form a trading range around the $2,000/ounce level.
Gold declined in early Asian trading Tuesday amid profit-taking, even as prices of the precious metal edge closer toward the record $2,028.00/ounce set in August 2020. (REUTERS/Mike Segar (UNITED STATES) / Reuters Photos)
However, "too much uncertainty with commodity prices and economic growth prospects should keep gold prices supported until investors become optimistic that a negotiated end of the [Ukraine] war is in sight," Oanda reported. Spot gold dropped overnight 0.2% to $1,992.54/ounce.
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Gold for April delivery rose $29.30 to $1,995.90 an ounce.