Gold broke below $1500/oz amid extremely high volatility and investors covering losses in equity markets, analysts at ANZ Research apprise.
Key quotes
“Gold prices started the session stronger, as the darkening macro backdrop attracted safe haven buying. However, this was once again overtaken by liquidation as investors tried to cover losses from heavy losses in equity markets.”
“The stronger USD also helped crimp investor appetite for the precious metals.”
“Palladium was under added pressure after reports that China would relax emission standards to provide relief to car markets. The stringent new standards have been driving a surge in buying from China.”
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