SYDNEY (AUSTRALIA) – The yellow metal on Tuesday surged to record heights before the scale of its gains sparked a burst of profit taking. This, in turn, helped the dollar from two-year lows, curbing early equity gains.
Gold surged $40 higher at one point to touch $1,980 an ounce. But a wave of selling slapped it back to $1,940 in wild trade.
In more than a week, gold is still up over $125. Investors hope that the Federal Reserve will reaffirm its super-easy policies at its meeting this week.
“Fed officials have made clear that they will be making their forward guidance more dovish and outcome-based soon,” according to TD Securities.
“The chairman is likely to continue the process of prepping markets for changes when he speaks at his press conference.”
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field