Gold rebounds from 4-month maximums

Gold rebounds from 4-month maximums

On Wednesday, gold slumped in early trade, rebounding from its strongest value for four months because the evergreen buck soared versus a currency basket.

A stronger greenback normally weighs on the number one precious metal because it dampens gold’s appeal as an alternative asset and also makes greenback-priced commodities less affordable for holders of other currencies.

Gold futures hit $1,335.50 a troy ounce, sliding approximately 0.1% from the previous session's close. Yesterday it reached the best value since September 8 sticking to $1,345.00.

At the same time silver futures were nearly intact, being worth $17.19 a troy ounce. On Monday this commodity hit a three-month maximum of $17.42.

As for other metals, palladium rallied 0.7% showing an outcome of $1,096.60 an ounce. On Monday the metal marked a record-maximum of $1,133 due to ascending demand for the car industry.

Meanwhile, March delivery copper futures sagged 0.6% hitting $3.201 a pound.

 

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