Gold tumbles, losses build moving into U.S. open
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Gold futures took a tumble in electronic trading on Wednesday, with prices dropping below the key $1,600-an-ounce level as markets awaited a hefty data calendar from the U.S.
Gold for delivery in April GCJ3 -1.08% fell $14.20 to $1,589.50 an ounce in electronic trading in the middle of Europe’s day.
The precious metal fell $5.30, or 0.3%, to settle at $1,604.20 an ounce on the Comex division of the New York Mercantile Exchange on Tuesday for its fourth straight loss, although it managed to hold above $1,600 through the trading session.
HSBC metal analysts said that gold’s fall on Tuesday came as U.S. stock indexes headed back to all-time highs.
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